Ross M. Starr's Books

General Equilibrium Theory

An Introduction

By: Ross M. Starr

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General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow-Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a 2-commodity 2-household 2-firm model. It gives a brief introduction to the mathematics used in the field (continuity, convexity, separation theorems, Brouwer fixed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progressively more general settings, including point-valued, set-valued, and nonconvex set-valued demand and supply. Existence of general equilibrium, fundamental theorems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.

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Page Count

380

Publisher

Cambridge University Press

Published Date

ISBN 10

0521826454

ISBN 13

9780521826457

Why is There Money?

Walrasian General Equilibrium Foundations of Monetary Theory

By: Ross M. Starr

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Why is There Money?

Walrasian General Equilibrium Foundations of Monetary Theory

By: Ross M. Starr

This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.

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177

Publisher

Edward Elgar Publishing

Published Date

ISBN 10

0857938061

ISBN 13

9780857938060

General Equilibrium Theory

An Introduction

By: Ross M. Starr

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General Equilibrium Theory

An Introduction

By: Ross M. Starr

General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.

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Page Count

280

Publisher

Cambridge University Press

Published Date

ISBN 10

0521564735

ISBN 13

9780521564731

Why is There Money?

Walrasian General Equilibrium Foundations of Monetary Theory

By: Ross M. Starr

Write a review Read reviews Take a Quiz Solve Book Puzzle

Why is There Money?

Walrasian General Equilibrium Foundations of Monetary Theory

By: Ross M. Starr

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

177

Publisher

Edward Elgar Publishing

Published Date

ISBN 10

0857938061

ISBN 13

9780857938060

Book's by Ross M. Starr

General Equilibrium Theory

General Equilibrium Theory

Why is There Money?

Why is There Money?

General Equilibrium Theory

General Equilibrium Theory

Why is There Money?

Why is There Money?

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