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Perfect Competition

  • M Ali Khan

    (PIDE)

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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File URL: http://www.eaber.org/node/22207
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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
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org

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  1. Avallone, Anna & Basile, Achille, 1998. "Liapunov-Richter theorem in B-convex spaces," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 109-118, August.
  2. Forges, F. & Heifetz, A. & Minelli, E., 1999. "Incentive Compatible Core and Competitive Equilibria in Differential Information Economies," Papers 34-99, Tel Aviv.
  3. Anderson, Robert M & Khan, M Ali & Rashid, Salim, 1982. "Approximate Equilibria with Bounds Independent of Preferences," Review of Economic Studies, Wiley Blackwell, vol. 49(3), pages 473-75, July.
  4. Ali Khan, M. & Rashid, Salim, 1982. "Approximate equilibria in markets with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 28(1), pages 82-101, October.
  5. Francoise Forges & Enrico Minelli & Rajiv Vohra, 2000. "Incentives and the Core of an Exchange Economy: A Survey," Working Papers 2000-22, Brown University, Department of Economics.
  6. 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.
  7. Serrano, Roberto & Volij, Oscar, 2000. "Walrasian Allocations without Price-Taking Behavior," Journal of Economic Theory, Elsevier, vol. 95(1), pages 79-106, November.
  8. Aliprantis, Charalambos D. & Florenzano, Monique & Tourky, Rabee, 2006. "Production equilibria," Journal of Mathematical Economics, Elsevier, vol. 42(4-5), pages 406-421, August.
  9. Bernard Cornet & Mihaela Topuzu, 2005. "Existence of equilibria for economies with externalities and a measure space of consumers," Economic Theory, Springer, vol. 26(2), pages 397-421, 08.
  10. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier.
  11. Khan, M. Ali & Vohra, Rajiv, 1984. "Equilibrium in abstract economies without ordered preferences and with a measure space of agents," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 133-142, October.
  12. Geller, William, 1986. "An Improved Bound for Approximate Equilibria [Approximate Equilibria with Bounds Independent of Preferences]," Review of Economic Studies, Wiley Blackwell, vol. 53(2), pages 307-08, April.
  13. Koopmans, Tjalling C, 1974. "Is the Theory of Competitive Equilibrium With It?," American Economic Review, American Economic Association, vol. 64(2), pages 325-29, May.
  14. Balder, Erik J., 2000. "Incompatibility of Usual Conditions for Equilibrium Existence in Continuum Economies without Ordered Preferences," Journal of Economic Theory, Elsevier, vol. 93(1), pages 110-117, July.
  15. Shannon, Chris, 1997. "Increasing Returns in Infinite-Horizon Economics," Review of Economic Studies, Wiley Blackwell, vol. 64(1), pages 73-96, January.
  16. Roberto Serrano & Rajiv Vohra & Oscar Volij, 1999. "On the Failure of Core Convergence in Economies with Asymmetric Information," Economic theory and game theory 011, Oscar Volij.
  17. Ali Khan, M. & Peck, N. T., 1989. "On the interiors of production sets in infinite dimensional spaces," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 29-39, February.
  18. Aloisio Araujo & V. Martins-da-Rocha & Paulo Monteiro, 2004. "Equilibria in reflexive Banach lattices with a continuum of agents," Economic Theory, Springer, vol. 24(3), pages 469-492, October.
  19. Cornet, B., 1984. "Existence of equilibria in economies with increasing returns," CORE Discussion Papers 1984007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  20. Donald J. Brown, 1972. "Existence of a Competitive Equilibrium in a Nonstandard Exchange Economy," Cowles Foundation Discussion Papers 342, Cowles Foundation for Research in Economics, Yale University.
  21. M. J. Farrell, 1959. "The Convexity Assumption in the Theory of Competitive Markets," Journal of Political Economy, University of Chicago Press, vol. 67, pages 377.
  22. Bonnisseau, J.-M. & Cornet, B., 2008. "Existence of equilibria with a tight marginal pricing rule," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 613-624, July.
  23. Hart, Sergiu, 2002. "Values of perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 57, pages 2169-2184 Elsevier.
  24. V. Martins-da-Rocha, 2004. "Equilibria in large economies with differentiated commodities and non-ordered preferences," Economic Theory, Springer, vol. 23(3), pages 529-552, March.
  25. Armstrong, Thomas E. & Richter, Marcel K., 1986. "Existence of nonatomic core-walras allocations," Journal of Economic Theory, Elsevier, vol. 38(1), pages 137-159, February.
  26. Brown, Donald J & Robinson, Abraham, 1975. "Nonstandard Exchange Economies," Econometrica, Econometric Society, vol. 43(1), pages 41-56, January.
  27. Jackson, Matthew O. & Manelli, Alejandro M., 1997. "Approximately Competitive Equilibria in Large Finite Economies," Journal of Economic Theory, Elsevier, vol. 77(2), pages 354-376, December.
  28. KHAN , M. Ali & SUN, Yeneng, 1997. "On Loeb measures spaces and their significance for non-cooperative game theory," CORE Discussion Papers 1997012, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  29. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
  30. Donald J. Brown & M. Ali Khan, 1977. "An Extension of the Brown-Robinson Equivalence Theorem," Cowles Foundation Discussion Papers 444, Cowles Foundation for Research in Economics, Yale University.
  31. M Ali Khan, 1998. "The Murdukovich Normal Cone and the Foundations of Welfare Economics," Economics Working Paper Archive 404, The Johns Hopkins University,Department of Economics.
  32. Yeneng Sun, 1999. "The complete removal of individual uncertainty: multiple optimal choices and random exchange economies," Economic Theory, Springer, vol. 14(3), pages 507-544.
  33. Zame, William R. & Noguchi, Mitsunori, 2006. "Competitive markets with externalities," Theoretical Economics, Econometric Society, vol. 1(2), pages 143-166, June.
  34. 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.
  35. Jean-Marc Bonnisseau, 2000. "The Marginal Pricing Rule in Economies with Infinitely Many Commodities," Econometric Society World Congress 2000 Contributed Papers 0262, Econometric Society.
  36. Starrett, David A., 1972. "Fundamental nonconvexities in the theory of externalities," Journal of Economic Theory, Elsevier, vol. 4(2), pages 180-199, April.
  37. Otani, Yoshihiko & Sicilian, Joseph, 1977. "Externalities and problems of nonconvexity and overhead costs in welfare economics," Journal of Economic Theory, Elsevier, vol. 14(2), pages 239-251, April.
  38. Anderson, Robert M., 1991. "Non-standard analysis with applications to economics," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 39, pages 2145-2208 Elsevier.
  39. Starr, Ross M, 1969. "Quasi-Equilibria in Markets with Non-Convex Preferences," Econometrica, Econometric Society, vol. 37(1), pages 25-38, January.
  40. Vohra, Rajiv, 1992. "Marginal Cost Pricing under Bounded Marginal Returns," Econometrica, Econometric Society, vol. 60(4), pages 859-76, July.
  41. Noguchi, Mitsunori, 2005. "Interdependent preferences with a continuum of agents," Journal of Mathematical Economics, Elsevier, vol. 41(6), pages 665-686, September.
  42. Tourky, Rabee & Yannelis, Nicholas C., 2001. "Markets with Many More Agents than Commodities: Aumann's "Hidden" Assumption," Journal of Economic Theory, Elsevier, vol. 101(1), pages 189-221, November.
  43. Khan, M. Ali & Vohra, Rajiv, 1985. "On the existence of lindahl equilibria in economies with a measure space of non-transitive consumers," Journal of Economic Theory, Elsevier, vol. 36(2), pages 319-332, August.
  44. Filipe Martins-da-Rocha, V., 2003. "Equilibria in large economies with a separable Banach commodity space and non-ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 39(8), pages 863-889, November.
  45. M. Khan & Kali Rath & Yeneng Sun, 2006. "The Dvoretzky-Wald-Wolfowitz theorem and purification in atomless finite-action games," International Journal of Game Theory, Springer, vol. 34(1), pages 91-104, April.
  46. Lionel W. McKenzie, 2005. "Classical General Equilibrium Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633302, June.
  47. Khan, M. Ali & Sun, Yeneng, 1999. "Non-cooperative games on hyperfinite Loeb spaces1," Journal of Mathematical Economics, Elsevier, vol. 31(4), pages 455-492, May.
  48. Tjalling C. Koopmans, 1961. "Convexity Assumptions, Allocative Efficiency, and Competitive Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 69, pages 478.
  49. Mas-Colell, Andreu & Zame, William R., 1991. "Equilibrium theory in infinite dimensional spaces," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 34, pages 1835-1898 Elsevier.
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