Background
HILDENBRAND, Werner was born in 1936 in Göttingen, W. Germany.
(Advanced Textbooks in Economics, Volume 6: Introduction t...)
Advanced Textbooks in Economics, Volume 6: Introduction to Equilibrium Analysis: Variations on Themes by Edgeworth and Walras focuses on the approaches developed and instituted by Edgeworth and Walras in the study of equilibrium analysis. The book first underscores exchange economies, core of a game, and large economies. Discussions focus on economies with a continuum of agents, Walras equilibrium, prices and demand, balancedness, and commodity space. The manuscript then ponders on limit theorems for the core and existence of competitive equilibria. Topics include equilibria without convexity of preferences, existence of equilibria for economies with convex preferences, individual demand, emergence of prices, asymptotic equal treatment for most, uniform boundedness of core allocations, and limit theorems for type and replica economies. The publication examines continuous, upper, and lower hemi-continuous correspondences, fixed point theorems, and separation of convex sets. The book is a vital source of data for economists and researchers interested in equilibrium analysis.
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( Can every allocation in the core of an economy be decen...)
Can every allocation in the core of an economy be decentralized by a suitably chosen price system? Werner Hildenbrand shows that the answer is yes if the economy has "many" participating agents and if the influence of every individual agent on collective actions is "negligible." To give a general and precise definition of economics with this property he considers both economies with a continuum of agents, and a sequence of economies with an increasing number of participants. In both cases this leads to a measure theoretic formulation of economic equilibrium analysis. In the first part of the book the relevant mathematics is developed. In the second part the continuity and convexity properties of the total demand of a consumption sector are investigated. An important result is the equivalence between the core and the set of Walras equilibria for an exchange economy with a continuum of agents. The author then deals with limit theorems on the core for purely competitive sequences of exchange economies. In the last chapter the core and the set of Walras equilibria for a coalition production economy and the relation between these two equilibrium concepts are studied. Originally published in 1974. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
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HILDENBRAND, Werner was born in 1936 in Göttingen, W. Germany.
Dipl. (Mathematics), Dr Rer. National, Habilitation, University Heidelberg, 1961, 1964, 1968.
Teaching Assistant, University Heidelberg, 1958-1961. Research Fellow, University Bonn, 1961-1962. Research Assistant Project Leader, Lector, University Heidelberg,
1962-1964, 1965-1968.
Visiting Assistant Professor, University California Berkeley, 1966-1968. Research Professor, University Louvain, Belgium, 1968-1976. Visiting Professor, University California Berkeley, Stanford University, 1970, 1973-1974.
Professor of Economics, University Bonn, Bonn, W. Germany, since 1969. Assistant Editor, Journal of Economic Theory, Int Economic Record Editor, J. Mathematics E, Int. Economics Review.
( Can every allocation in the core of an economy be decen...)
(Advanced Textbooks in Economics, Volume 6: Introduction t...)
Most of my research is concentrated on equilibrium analysis of ‘large economies’,
i. e., economies with a large number of economic agents. In my early work I studied the relationship between the core of an economy and the set of competitive equilibria for pure exchange economies as well as for economies with production. The concept of ‘competitive sequences of economies’, which generalises the well-known ‘replicasequences’ is defined in terms of the ‘distributions of agents’ characteristics’, a concept which played a central role in the analysis of limit theorems of the core but also in my later work.
My main aim is to derive some useful structure of general equilibrium models (for example, a structure which allows one to do comparative statics) by making assumptions on the distributions of agents’ characteristics. In the production sector of an economy, this approach led to my paper on short-run production functions and, in the consumption sector, the approach of making an assumption about the distribution of expenditure led to my paper on the law of demand. In both papers the concept of the distribution of agents’ characteristics (i.e. micro-data) played a crucial role.