The Determinacy of Equilibria 25 Years Later
The paper by G. Debreu, ‘Economies with a Finite Set of Equilibria’, appeared in Econometrica in 1970. As is commonly known, the paper has had since then a great impact on the style and the substance of economic theorizing. If I had been more energetic I would have verified this impact in the Index of Citations. Yet, whatever the latter says, it is bound to be a considerable underestimate of the impact. Often, the sign of the success of a paper is its being referred to only implicitly, without authors even being aware of the fact. In our case, for example, any user of the term ‘generic’ is indebted to Debreu’s paper. At any rate, the research directly inspired by the paper is enormous. By now it includes, at least, two full-length systematic books (Balasko, 1988, and Mas-Colell, 1985).
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- Balasko, Y. (1988) Foundations of the Theory of General Equilibrium (New York: Academic press).Google Scholar
- Mas-Colell, A (1973) ‘Three Notes on Equilibrium Prices and the Equilibrium Price Correspondence in Pure Exchange Economies’, Working Paper IP-182, May 1973, Center for Research in Management Science, University of California, Berkeley.Google Scholar
- Mas-Colell, A (1985) The Theory of General Economic Equilibrium: a Differentiable Approach (New York: Cambridge University Press).Google Scholar