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Joseph Martin OSTROY


Joseph Martin OSTROY, economist in the field of General Equilibrium Theory; Microeconomic Theory; Macroeconomic Theory. Beta Gamma Sigma Honor Society.


OSTROY, Joseph Martin was born in 1942 in Philadelphia, Pennsylvania, United States of America.


Bachelor of Science University Pennsylvania, 1964. Doctor of Philosophy Northwestern University, 1970.


Lector, University Essex, 1967-1968. Acting Assistant Professor, Association Professor, University of California, Los Angeles, Calif., United States of America, 1968-1974. Visiting Lector, London School of Economies and Political Science, London, United Kingdom, 1972-1973.

Visiting Fellow, Churchill College Cambridge, 1979. Oskar Morgenstern Visiting Professor, New York University, NYC, New York, USA, 1981. Professor of Economics, University of California, Los Angeles, Calif., United States of America, Los Angeles, California, United States of America.


  • Beta Gamma Sigma Honor Society.


Research devoted to providing a more decentralised approach to general equilibrium theory, i.e. diminishing the dependence on the auctioneer. One problem is the introduction of money. I have emphasised the sequential, bilateral nature of exchange and the role of money as a monitoring device.

Another problem concerns the elimination of the pricemaking role of the auctioneer. Proposed an alternative, called a no-surplus allocation, to the Walrasian definition of perfectly competitive equilibrium. Have also explored the properties of general equilibrium models with a continuum of agents and an infinite number of commodities.