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Focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. This book explores the question of the empirical relevance of equilibrium states.

Microeconomics pictures the economy as a collection of agents making supply and demand decisions in order to further their own interests. The collective outcomes of these decisions determine the properties and behaviour of the economy. Consequently, this book provides a detailed account of: (i) the microeconomics of agents in the economy; and (ii) the microeconomics of the economy as a whole, using the Arrow-Debreu model as the over-arching framework. It also discusses a number of applications and provides an account of numerous empirical tests of microeconomic theory.The ultimate aim of the...

People pursue their own interests, whatever those interests might be. Some people have interests that are narrow and selfish, while others have interests that are broad and altruistic. The idea that people are self-interested underpins all of economic analysis and raises two fundamental questions: 1. How do people choose the actions they think will further their own interests? 2. Can the potentially conflicting interests of different people be made to 'mesh' in some sort of socio-economic equilibrium? This book is devoted to a detailed study of the first question. Its Companion Volume...