The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Uniqueness of Equilibrium

  • Michael Allingham
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1760

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 to check access.

Bibliography

  1. Debreu, G. 1959. Theory of value. New York: Wiley.Google Scholar
  2. Debreu, G. 1970. Economies with a finite set of equilibria. Econometrica 38(3): 387–392.CrossRefGoogle Scholar
  3. Dierker, E. 1972. Two remarks on the number of equilibria of an economy. Econometrica 40(5): 867–881.CrossRefGoogle Scholar
  4. Wald, A. 1936. Über einige Gleichungssysteme der mathematischen Ökonomie. Zeitschrift für Nationalökonomie 7: 637–670; trans. as: 1951. On some systems of equations of mathematical economics, Econometrica 19: 368–403.CrossRefGoogle Scholar
  5. 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.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Allingham
    • 1
  1. 1.