Theory of Value: An Axiomatic Analysis of Economic Equilibrium"[This] beautiful and austere book . . . [is] an important landmark of economic theory."--F.H. Hahn, Journal of Political Economy "An immortal classic of twentieth century economics. Every economist should own a copy."--Robert Lucas, University of Chicago Theory of Value offers a rigorous, axiomatic, and formal analysis of producer behavior, consumer behavior, general equilibrium, and the optimality of the market mechanism for resource allocation. |
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Theory of Value: An Axiomatic Analysis of Economic Equilibrium Gerard Debreu No preview available - 1959 |
Common terms and phrases
action adherence agent assumption on preferences asymptotic cone belongs binary operation called chapter closed half-line closed segment commodity space compact completely preordered concept cone with vertex Consider consumption plan consumption set contained convex cone convex hull convex sets countable countable set Cowles Foundation Debreu defined definition denoted elements of Rm equilibrium relative example greatest element hence hyperplane implies indifference class inputs intersection interval ith consumer jth producer K. J. Arrow lower bound lower semicontinuous mathematical maximal element maximizes non-negative optimum outputs positive integers positive number possible consumption preference preordering preordered set price system price-wealth pair private ownership economy production set profit proof prove quantity real number resp returns to scale S₁ satisfy sequence subset of Rm theorem theory total production total resources upper semicontinuous vector w₁ wealth constraint X₁