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Arrow–Debreu Model of General Equilibrium

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The New Palgrave Dictionary of Economics

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Abstract

In the 1950s Kenneth Arrow and Gerard Debreu showed that the market system could be comprehensively analysed in terms of the neoclassical methodological premises of individual rationality, market clearing, and rational expectations, using the two mathematical techniques of convexity and fixed point theory. In so doing they greatly advanced the use of mathematics in economics.

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  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    John Geanakoplos

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  1. John Geanakoplos
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Geanakoplos, J. (2018). Arrow–Debreu Model of General Equilibrium. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_535

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