Cover: General Equilibrium and Game Theory: Ten Papers, from Harvard University PressCover: General Equilibrium and Game Theory in HARDCOVER

General Equilibrium and Game Theory

Ten Papers

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Product Details

HARDCOVER

$54.50 • £43.95 • €49.00

ISBN 9780674728738

Publication Date: 01/04/2016

Text

256 pages

6-1/8 x 9-1/4 inches

18 line illustrations

World

Andreu Mas-Colell revolutionized our understanding of competitive markets, price formation, and the behavior of market participants. General Equilibrium and Game Theory offers readers a compendium of his most important scholarly contributions, gathering in a single volume the groundbreaking papers that have solidified his standing as one of the preeminent economic theorists of our time.

Built upon the foundations of neoclassical economics, Mas-Colell’s work is distinguished by a mathematical and analytical elegance that brings theory closer to real-world situations. He overturns the standard assumption of general equilibrium theory—that markets are perfectly competitive and their participants are perfectly rational—and concludes that neither the law of supply and demand nor the existence of equilibrium prices depends on the rationality of agents. Similarly, Mas-Colell (working with Sergiu Hart) challenges classical game theory’s reliance on rational behavior, demonstrating that adaptation and learning shape the dynamics of repeated games.

Addressing central questions of finance, trade, industrial organization, and welfare economics, Mas-Colell shows the surprising power and versatility of differentiability and linear-space mathematical techniques, and he emphasizes the fruitfulness of cooperative game-theory approaches, such as Shapley value theory and the Bargaining Set, for understanding competition and distribution. General Equilibrium and Game Theory is a signal contribution to economic theory and an invaluable resource for anyone wishing to study the craft of a master of economic modeling.

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The Vivian’s Door Initiative is inspired by the courage and legacy of the late Vivian Malone Jones. She was the first African American to graduate from the University of Alabama and was responsible for ending the segregation of public universities in the state of Alabama. Vivian’s courage and will power to create change for her brothers and sisters of color inspired the creation of a nonprofit project called Vivian’s Door. In March 2020, Vivian’s Door started a book club; their first pick was The Color of Money: Black Banks and the Racial Wealth Gap by Mehrsa Baradaran. In June, over 50 people joined the online discussion of the book