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Darrell Duffie

A chapter in Value and Capital: Fifty Years Later, 1991, pp 461-468 from Palgrave Macmillan

Abstract: Abstract Roy Radner’s (1972) notion of ‘equilibrium of plans, prices, and price expectations’, an extension of Arrow’s (1953) model of general equilibrium under uncertainty, is now the closest thing to a standard paradigm for intertemporal general equilibrium. I have heard a rumour that Radner recently voiced scepticism over his own notion of equilibrium. There is certainly some hint of that in his (1988) review of post-war developments of ‘Intertemporal General Equilibrium’. On the whole, however, his review has a balance of optimism and scepticism concerning developments of the theory since Hicks’s Value and Capital appeared. Radner’s perspective is well-informed and pragmatic. In this discussion of Chapter 15, I will highlight a few of his observations that I find most novel, and also add a few comments of my own.

Keywords: General Equilibrium; General Equilibrium Model; Security Market; Capital Asset Price Model; Incomplete Market (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11029-2_27

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DOI: 10.1007/978-1-349-11029-2_27

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