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General Equilibrium with Price-Making Firms

  • Book
  • © 1974

Overview

Authors:
  1. Thomas Marschak

    1. School of Business Administration, University of California, Berkeley, USA

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  2. Reinhard Selten

    1. Institut für Mathematische Wirtschaftsforschung, Universität Bielefeld, Rheda/Schloß, Germany

    View author publications

    You can also search for this author in PubMed   Google Scholar

Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 91)

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Table of contents (6 chapters)

  1. Front Matter

    Pages I-XI
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  2. Introduction

    • Thomas Marschak, Reinhard Selten
    Pages 1-11

  3. General Equilibrium with a Monopolistic Sector: Equilibria of Traditional Type

    • Thomas Marschak, Reinhard Selten
    Pages 12-75

  4. A New Approach to Monopolistic and Other Noncooperative Equilibria: The Theory of “Convolutions” (Rationality-Preserving Response Functions)

    • Thomas Marschak, Reinhard Selten
    Pages 76-119

  5. Oligopolistic Economies as Games of Limited Information: Description of Equilibria

    • Thomas Marschak, Reinhard Selten
    Pages 120-192

  6. Oligopolistic Economies as Games of Limited Information: Existence of Equilibria

    • Thomas Marschak, Reinhard Selten
    Pages 193-240

  7. Conclusion

    • Thomas Marschak, Reinhard Selten
    Pages 241-244

  8. Back Matter

    Pages 245-247
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Keywords

About this book

Motivation. That elegant fiction the competitive equilibrium seems still to dominate the frontiers of theoretical microeconomics. We may think of it in a general way as a state of affairs wherein economic agents, responding "rationally" to annoWlced prices, make choices which are consistent and feasible. The prices may also be described as "taken": for one reason or another the agents who respond to them consider them as given. The existence of such a state, its optimality, its robustness against free bargaining among agents when there are many of them, its Wliqueness, its stability when price displacements evoke specified adjustments--all these issues have been studied, and continue to be studied in a variety of settings. Slowly the equilibrium investigated begins to incorporate public goods, externalities of certain kinds, differences in agents' information, and infinitely many time periods. The appeal of such results need not be belabored: the equilibrium studied may sustain an optimal resource allocation, and when it does it sus­ tains it in a manner that appears to be informationally efficient and to accord well with individual incentives. Therefore it is important to extend the circumstances under which an equilibrium exists, under which it sustains opti­ mality, and under which it survives displacements as well as free bargaining among agents.

Authors and Affiliations

  • School of Business Administration, University of California, Berkeley, USA

    Thomas Marschak

  • Institut für Mathematische Wirtschaftsforschung, Universität Bielefeld, Rheda/Schloß, Germany

    Reinhard Selten

Bibliographic Information

  • Book Title: General Equilibrium with Price-Making Firms

  • Authors: Thomas Marschak, Reinhard Selten

  • Series Title: Lecture Notes in Economics and Mathematical Systems

  • DOI: https://doi.org/10.1007/978-3-642-65802-0

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin · Heidelberg 1974

  • Softcover ISBN: 978-3-540-06624-8Published: 15 February 1974

  • eBook ISBN: 978-3-642-65802-0Published: 06 December 2012

  • Series ISSN: 0075-8442

  • Series E-ISSN: 2196-9957

  • Edition Number: 1

  • Number of Pages: XI, 247

  • Topics: Operations Management

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