Abstract
In general equilibrium theory, equilibrium prices may be interpreted as those prices which coordinate the buying and selling plans of all the various agents in the economy; equivalently, they may be interpreted as the values of the commodities. Such values will only be well defined if there is only one system of coordinating prices, that is, if the equilibrium is unique. If this does not obtain then at least the set of equilibrium price systems should not be too large, that is, there should be only a finite number of equilibria.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
Debreu, G. 1959. Theory of Value. New York: Wiley.
Debreu, G. 1970. Economies with a finite set of equilibria. Econometrica 38(3), May, 387–92.
Dierker, E. 1972. Two remarks on the number of equilibria of an economy. Econometrica 40(5), September, 867–81.
Wald, A. 1936. Über einige Gleichungssysteme der mathematischen Ökonomie. Zeitschrift für Nationalökonomie 7; trans. as: On some systems of equations of mathematical economics, Econometrica 19, October 1951, 368–403.
Walras, L. 1874–7. Eléments d’économie politique pure. Definitive edn, Lausanne: Corbaz, 1926. Translated by W. Jaffé as Elements of Pure Economics. London: George Allen & Unwin, 1954; New York: Orion.
Editor information
Copyright information
© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Allingham, M. (1989). Uniqueness of Equilibrium. In: Eatwell, J., Milgate, M., Newman, P. (eds) General Equilibrium. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19802-3_36
Download citation
DOI: https://doi.org/10.1007/978-1-349-19802-3_36
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-49525-4
Online ISBN: 978-1-349-19802-3
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)