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Perfect Competition

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  • M Ali Khan

    (PIDE)

Abstract

In his 1987 entry on Perfect Competition in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to include work done on the subject during the last twenty years. A fresh assessment of this literature is offered, one that emphasises the independence assumption whereby individual agents are not related except through the price system. And it highlights a linguistic turn whereby Hayeks two fundamental papers on division of knowledge are seen to have devastating consequences for this research programme.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 22207.

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Date of creation: Jan 2007
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Handle: RePEc:eab:microe:22207

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Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
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Keywords: Allocation of Resources; Perfect Competition; Exchange Economy;

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References

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  38. M Ali Khan & Yeneng Sun, 1996. "Non-Atomic Games on Loeb Spaces," Economics Working Paper Archive 374, The Johns Hopkins University,Department of Economics, revised Aug 1996.
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  49. Herves-Beloso, Carlos & Moreno-Garcia, Emma & Yannelis, Nicholas C., 2005. "An equivalence theorem for a differential information economy," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 844-856, November.
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