Perfect Competition

M. Khan

Microeconomics Working Papers from East Asian Bureau of Economic Research

Abstract: In his 1987 entry on Perfect Competition in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to include work done on the subject during the last twenty years. A fresh assessment of this literature is offered, one that emphasises the independence assumption whereby individual agents are not related except through the price system. And it highlights a linguistic turn whereby Hayeks two fundamental papers on division of knowledge are seen to have devastating consequences for this research programme.

Keywords: Allocation of Resources; Perfect Competition; Exchange Economy (search for similar items in EconPapers)
JEL-codes: D00 (search for similar items in EconPapers)
Date: 2007-01
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Citations: View citations in EconPapers (38)

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Working Paper: Perfect Competition (2007)
Working Paper: Perfect Competition (2007)
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