General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory

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* Acknowledgments 1. Why Study General Equilibrium? 2. The General Equilibrium Model * Commodities * Allocations * Utility Functions * Economies 3. Economic Efficiency * Definition of Pareto Optimality * Existence of Pareto Optimal Allocations; The Bolzano-Weierstrass Theorem * The Utility Possibility Frontier * The Calculation of Pareto Optima; Homogeneous Functions * Pareto Optimality and Optimality: Minkowski's Separation Theorem * The Structure of the Utility Possibility Frontier * Compactness of the Set of Feasible Allocations * Problem Set 4. Competitive Equilibrium * The Definition of Competitive Equilibrium * Properties of Market Excess Demand and Equilibrium * Offer Curves * Equilibrium with Constant Returns to Scale * Computation of Competitive Equilibrium in Simple Examples * Aggregate Input-Output Possibility Sets * An Incomplete Theorem on the Existence of Equilibrium * A Complete Theorem on the Existence of Equilibrium * An Example of Discontinuous Behavior of Equilibria * Problem Set 5. The Welfare Theorems * The FirstWelfare Theorem * The SecondWelfare Theorem * Another Complete Theorem on the Existence of Equilibrium * Problem Set 6. The Kuhn-Tucker Approach to General Equilibrium Theory * Kuhn-Tucker Theorem * Kuhn-Tucker Coefficients * The Kuhn-Tucker Interpretation of Competitive Equilibrium * The Differentiable Case * Proof of the Kuhn-Tucker Theorem * Problem Set 7. Arrow-Debreu Equilibrium * The Arrow-Debreu Model * Arrow Equilibrium * Insurance * Incomplete Markets and the Definition of Profit Maximization * Problem Set 8. Rational Expectations Equilibrium and the Permanent Income Hypothesis * The Permanent Income Hypothesis * Rational Expectations Equilibrium * Short-Run Equilibrium * Consumer Surplus * The Stability of Short-Run Equilibrium * Problem Set 9. Samuelson's Overlapping Generations Model * Overlapping Generations with a Finite Time Horizon * Inefficiency with an Infinite Horizon * Pareto Optimal Equilibria * Stationary Discounted Optima and Equilibria * Nonuniqueness of Equilibrium * Discounted Optimality and Equilibrium * Undiscounted Optimality and Equilibrium * Uniqueness of Optimal Allocations * Existence of Optimal Allocations * Problem Set 10. The One-Sector Growth and Diamond Overlapping Generations Models * The One-Sector Diamond and Optimal Growth Models * Inefficiency * Pareto Optimal Equilibria * Stationary Discounted Optima and Equilibria * Social Security * Population Growth * Discounted Optimal and Equilibrium Allocations * Discounted Optimal and Equilibrium Programs * Program Efficiency and the Hahn Problem * Euler's Equation * Policy Functions and the Value Function * The Turnpike Theorem * Equilibrium, Optimality, and the Turnpike Theorem in the Undiscounted Case * Existence of Optimal Allocations and Programs * Problem Set 11. A Critical Assessment * References * Index

This book provides an excellent introduction to general equilibrium theory, the cornerstone of modern economic analysis. Not only is the book accessible, but it is thorough and deep. Truman Bewley manages to distill the essence of important results of the theory, while losing none of their rigor or elegance. The book is essential reading for both students and researchers interested in the foundations of economic analysis. -- Daron Acemoglu, Massachusetts Institute of Technology

Truman F. Bewley is Alfred Cowles Professor of Economics at Yale University.

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