Theory of Value: An Axiomatic Analysis of Economic Equilibrium
Yale University Press, 1987 - 114 pages
The contribution of this short book consists in a rigorous, axiomatic, and formal analysis of producer behavior, consumer behavior, general equilibrium, and the optimality of the market mechanism for resource allocation.
"There can be no doubt that it is an important landmark of economic theory."--F.H. Hahn.
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action adherence agent assumption on preferences asymptotic cone belongs binary operation called chapter clearly closed half-line closed segment commodity space compact completely preordered concept cone with vertex Consider consumption plan consumption set Xt contained convex hull convex sets countable countable set Cowles Foundation Debreu defined definition denoted elements of Rm equilibrium relative example greatest element hence hyperplane implies indifference class inputs intersection interval ith consumer K. J. Arrow lower bound lower semicontinuous mathematical maximal element maximizes profit non-negative optimum outputs points of Xt positive integers positive number possible consumption preference preordering preordered set price system price-wealth pair private ownership economy production set proof quantity real number resp returns to scale rjt(p satisfy sequence subset of Rm theorem theory total production total resources upper semicontinuous vector wealth constraint xt e Xt y•th producer yt(p