Uncertainty and General Equilibrium

  • Roy Radner
Part of the The New Palgrave book series (NPA)


One of the notable intellectual achievements of economic theory during the past years has been the rigorous elaboration of the Walras-Pareto theory of value; that is, the theory of the existence and optimality of competitive equilibrium. Although many economists and mathematicians contributed to this development, the resulting edifice owes so much to the pioneering and influential work of Arrow and Debreu that in this paper I shall refer to it as the ‘ Arrow–Debreu theory’. (For comprehensive treatments, together with references to previous work, see Debreu, 1959, and Arrow and Hahn, 1971.)


General Equilibrium Equilibrium Price Competitive Equilibrium Price Function Incomplete Market 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1989

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  • Roy Radner

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