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Perfect Competition

  • Khan, M. Ali Khan
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    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 Hayek’s two fundamental papers on ‘division of knowledge’ are seen to have devastating consequences for this research programme.

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    File URL: http://mpra.ub.uni-muenchen.de/2202/1/MPRA_paper_2202.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2202.

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    Date of creation: 2007
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    Handle: RePEc:pra:mprapa:2202
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