General Equilibrium Theory

Susheng Wang ()
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Susheng Wang: Hong Kong University of Science and Technology

Chapter Chapter 4 in Microeconomic Theory, 2018, pp 95-126 from Springer

Abstract: Abstract This chapter deals with three subjects: general equilibrium, Pareto optimality, and welfare properties. Previous chapters assume exogenous prices, that is, consumers and producers take prices as given and choose their best actions based on their own budget/resource constraints. In this chapter, all prices are endogenous and they adjust to clear all markets. An equilibrium is reached when all markets are clear and when no one wants to change anymore.

Keywords: Pareto Optimal Allocation; Curve Off; Pure Exchange Economy; Equilibrium Price Vector; Endowment Point (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-981-13-0041-7_4

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DOI: 10.1007/978-981-13-0041-7_4

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