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General Equilibrium Theory of Value

Author

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  • Yves Balasko

Abstract

The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.

Suggested Citation

  • Yves Balasko, 2011. "General Equilibrium Theory of Value," Economics Books, Princeton University Press, edition 1, number 9482.
    • Handle: RePEc:pup:pbooks:9482
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    Citations

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    Cited by:

    1. Accinelli, E. & Muñiz, Humberto, 2021. "Evolution in a General Equilibrium framework," Journal of Mathematical Economics, Elsevier, vol. 96(C).
    2. Biheng, Noé & Bonnisseau, Jean-Marc, 2015. "Regular economies with ambiguity aversion," Journal of Mathematical Economics, Elsevier, vol. 59(C), pages 24-36.
    3. Franks, Edwin & Bryant, William D.A., 2017. "The Uncompensated Law of Demand: A ‘Revealed Preference’ approach," Economics Letters, Elsevier, vol. 152(C), pages 105-111.
    4. Stefano Matta, 2021. "A note on local uniqueness of equilibria: How isolated is a local equilibrium?," Papers 2103.04968, arXiv.org.
    5. Yves Balasko & Octavio Tourinho, 2014. "Factor proportionality in multiple households closed CGE models: theory and illustrations," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(2), pages 119-136, October.
    6. ,, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.
    7. Schlee, Edward E., 2013. "Radner’s cost–benefit analysis in the small: An equivalence result," Economics Letters, Elsevier, vol. 120(3), pages 570-572.
    8. Tomohiro Uchiyama, 2017. "A geometric approach to the transfer problem for a finite number of traders," Papers 1701.04491, arXiv.org.
    9. Nguyen, Van-Quy, 2021. "Endowment-regarding preferences," Journal of Mathematical Economics, Elsevier, vol. 94(C).
    10. Stefano Matta, 2023. "A note on local uniqueness of equilibria: How isolated is a local equilibrium?," Economics Bulletin, AccessEcon, vol. 43(3), pages 1389-1394.
    11. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02966848, HAL.
    12. Balasko, Yves, 2015. "Wealth concerns and equilibrium," Journal of Mathematical Economics, Elsevier, vol. 59(C), pages 92-101.
    13. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Post-Print halshs-02966848, HAL.
    14. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Documents de travail du Centre d'Economie de la Sorbonne 20017, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    15. repec:hal:pseose:halshs-01185486 is not listed on IDEAS
    16. Giménez, Eduardo L., 2022. "Offer curves and uniqueness of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 98(C).
    17. Yves Balasko, 2013. "Heckscher-Ohlin explained by Walras," Textos para discussão 610, Department of Economics PUC-Rio (Brazil).
    18. Yves Balasko, 2013. "Social demand functions in general equilibrium," Textos para discussão 609, Department of Economics PUC-Rio (Brazil).

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