Equilibrium and optimality: Some imprints of David Gale

Mukul Majumdar

Games and Economic Behavior, 2009, vol. 66, issue 2, 607-626

Abstract: The paper is a review of some of the themes to which David Gale made lasting contributions. It touches upon a number of the fundamental issues in the Walrasian equilibrium theory (existence, uniqueness and stability), the overlapping generations model (non-optimality and indeterminacy of competitive equilibria), the von Neumann equilibrium (as a turnpike), and in the theory of decentralized intertemporal allocation through competitive prices (efficiency and golden rules, duality and existence of optimal programs).

Date: 2009
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