Equilibrium Theory and Applications: Proceedings of the Sixth International Symposium in Economic Theory and Econometrics

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The contents of this volume comprise the proceedings of the conference, "Equilibrium theory and applications." Some of the recent developments in general equilibrium theory in the perspective of actual and potential applications are presented. The conference was organized in honor of Jacques Drèze on the occasion of his sixtieth birthday. Held at C.O.R.E., it was also the unanimous recognition, stressed by Gérard Debreu in his Address, of his role as "the architect and builder" of the Center for Operations Research and Econometrics. An introductory address by Gérard Debreu comprises Part 1 of the volume. The rest of the volume is divided into four parts spanning the scope of the conference. Part 2 is on incomplete markets, increasing returns, and information, Part 3 on equilibrium and dynamices, Part 4 on employment, imperfect competition, and macroeconomics, and Part 5 on applied general equilibrium models.

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Table of Contents

Editors' preface; Part I. Introduction: 1. Address in honor of Jacques Drèze Gérard Debreu; Part II. Incomplete Markets, Increasing Returns, and Information: 2. Asset pricing and observability Jayasri Dutta and Heraklis Polemarchakis; 3. The nonneutrality of money in a production economy with nominal assets Michael Magill and Martine Quinzii; 4. General equilibrium theory with increasing returns: the existence problem Jean-Marc Bonnisseau and Bernard Cornet; 5. Increasing returns and new developments in the theory of growth Paul Romer; 6. Stability of cycles with adaptive learning rules Roger Guesnerie and Michael Woodford; 7. Sunspot equilibrium as a game-theoretical solution concept Françoise Forges; 8. Provision of quality and power of incentive schemes in regulated industries Jean-Jacques Laffont and Jean Tirole; Part III. Equilibrium and Dynamics: 9. Stability of a Keynesian adjustment process Jacques Drèze; 10. Capacity adjustment in a competitive industry Jean Gabszewicz and Phillippe Michel; 11. Economic dynamics with learning: some instability examples Jean-Michel Grandmont and Guy Laroque; 12. On the uniqueness of equilibrium once again Andreu Mas-Colell; Part IV. Employment, Imperfect Competition, and Macroeconomics: 13. Risk sharing, the minimum wage, and the business cycle Jean-Pierre Danthine and John B. Donaldson; 14. A medium-term employment equilibrium Edmond Malinvaud; 15. Optimal government policy in a macroeconomic model with imperfect competition and rational expectations Jean-Pascal Benassy; 16. Imperfect competition, rational expectations and unemployment Claude d'Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet; 17. Competition for customers Egbert Dierker; Part V. Applied General Equilibrium Models: 18. Trade policy modeling with imperfectly competitive market structure Alasdair Smith and Anthony J. Venables; 19. Seminonparametric Bayesian estimation of consumer and factor demand models William A. Barnett, John Geweke and Michael Wolfe.

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