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Book synopsis

The theory of competition has held a central place in economic analysis since Adam Smith. This book, written by one of the most distinguished of contemporary economic theorists, reports on a major research program to provide strategic foundations for the theory of perfect competition. Beginning with a concise survey of how the theory of competition has evolved, Gale makes extensive and rigorous use of dynamic matching and bargaining models to provide a more complete description of how a competitive equlibrium is achieved. Whereas economists have made use of a macroscopic description of markets in which certain behavioral characteristics, such as price-taking behavior, are taken for granted, Gale uses game theory to re-evaluate this assumption, beginning with individual agents and modelling their strategic interaction. A strategic foundation for competitive equilibrium shows how such interaction leads to competitive, price-taking behavior. Essential reading for graduate courses in game theory and general equilibrium.

Book details

Book category Books in English Economics, finance, business & management Economics Economic theory & philosophy

• Full title: Strategic Foundations of General Equilibrium
• Subtitle: Dynamic Matching and Bargaining Games
• Author: Douglas Gale
• Language: English
• Binding: Paperback
• Number of pages: 234
• EAN: 9780521644105
• ISBN: 0521644100
• ID: 04093566
• Publisher: Cambridge University Press
• Weight: 282 g
• Dimensions: 216 × 140 × 12 mm
• Date of publishing: 15. August 2000

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