General Equilibrium, Growth, and Trade II: The Legacy of Lionel McKenzie (ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS)

This is a collection of papers prepared in honour of Lionel McKenzie, one of the most influential theorists of the post-war period. His research has been instrumental to the development of three of the most important fields of modern economics - general equilibrium, optimal growth and international trade. These papers originated from the conference held in McKenzie's honour in May 1989 in Rochester, New York, and were written by some of the leading economic researchers of our time including David Cass, Peter Hammond, Jess Benhabib, Andreas Hornstein, Edward Prescott, Yves Balasko and Karl Shell. Included in this volume are nine papers on general equilibrium, eight papers on optimal growth and seven papers on international trade Content: Front Matter, Page iii Copyright, Page iv Inside Front Cover, Pages v-viii PREFACE, Pages xvii-xix, Robert Becker, Michele Boldrin, Ronald Jones, William Thomson LIONEL McKENZIE ON THE EXISTENCE OF COMPETITIVE EQUILIBRIUM, Pages 3-50, M. Ali Khan McKENZIE AND THE SLUTSKY COEFFICIENTS, Pages 51-55, S.N. Afriat REAL INDETERMINACY FROM IMPERFECT FINANCIAL MARKETS: TWO ADDENDA, Pages 56-72, David Cass IRREDUCIBILITY, RESOURCE RELATEDNESS, AND SURVIVAL IN EQUILIBRIUM WITH INDIVIDUAL NONCONVEXITIES, Pages 73-115, Peter J. Hammond INCOMPLETE FINANCIAL MARKETS WITH AN INFINITE HORIZON, Pages 116-149, Alejandro Hernández D., Manuel S. Santos COMMODITY PAIR DESIRABILITY AND THE CORE EQUIVALENCE THEOREM, Pages 150-167, Aldo Rustichini, Nicholas C. Yannelis LUMP-SUM TAXATION: THE STATIC ECONOMY, Pages 168-180, Yves Balasko, Karl Shell EQUILIBRIUM, STABILITY, AND PRICE ADJUSTMENTS IN COMPETITIVE MARKETS, Pages 181-202, Edward Zabel ASYMPTOTIC BEHAVIOR OF ASSET MARKETS: ASYMPTOTIC INEFFICIENCY, Pages 203-233, William R. Zame ENDOGENOUS FERTILITY AND GROWTH, Pages 237-247, Jess Benhabib, Kazuo Nishimura A VINTAGE CAPITAL MODEL OF INVESTMENT AND GROWTH: THEORY AND EVIDENCE, Pages 248-301, Jess Benhabib, Aldo Rustichini THOUGHTS ON VOLATILITY TESTS OF THE INTERTEMPORAL ASSET PRICING MODEL, Pages 302-330, Truman F. Bewley STATIONARY MARKOVIAN STRATEGIES IN DYNAMIC GAMES, Pages 331-351, Rose-Anne Dana, Luigi Montrucchio TURNPIKE PROPERTIES AND COMPARATIVE DYNAMICS OF GENERAL CAPITAL ACCUMULATION GAMES, Pages 352-366, Engelbert J. Dockner, Harutaka Takahashi EXPERIMENTAL CONSUMPTION FOR A GENERAL CLASS OF DISTURBANCE DENSITIES, Pages 367-392, Jerry M. Fusselman, Leonard J. Mirman THE FIRM AND THE PLANT IN GENERAL EQUILIBRIUM THEORY, Pages 393-410, Andreas Hornstein, Edward C. Prescott A NOTE ON BOUNDARY OPTIMAL PATHS, Pages 411-426, Henry Wan Jr. THE STOLPER-SAMUELSON THEOREM: LINKS TO DOMINANT DIAGONALS, Pages 429-441, Ronald W. Jones, Sugata Marjit, Tapan Mitra LABOR MOBILITY AND WAGE RATE EQUALIZATION, Pages 442-459, Eric Bond BORROWING CONSTRAINTS AND INTERNATIONAL COMOVEMENTS, Pages 460-489, Antoine Conze, Jean-Michel Lasry, José Scheinkman MULTINATIONAL CORPORATIONS AND ABSOLUTE ADVANTAGE: THE ASYMMETRIC CASE, Pages 490-506, Fumio Dei VARIABLE RETURNS TO SCALE AND DYNAMIC ADJUSTMENTS: THE MARSHALL – LERNER CONDITION RECONSIDERED, Pages 507-540, T. Ide, A. Takayama TARIFF PROTECTION WITH IMPERFECT COMPETITION AND EXISTENCE OF THE GENERAL EQUILIBRIUM SOLUTION WITH INTRAINDUSTRY TRADE, Pages 541-554, Yasuo Uekawa INTERNATIONAL TRANSFERS IN DYNAMIC ECONOMIES, Pages 555-582, Makoto Yano INDEX, Pages 583-606 Economic Theory, Econometrics, and Mathematical Economics, Pages ibc1-ibc3, Karl Shell General Equilibrium, Growth, and Trade, Volume II: The Legacy of Lionel McKenzie presents the impact of Lionel McKenzie's contributions on modern economics. This book discusses McKenzie's researches that are relevant in applied economic fields, including general equilibrium, optimal growth, and international trade. Organized into three parts encompassing 24 chapters, this volume begins with an overview of the existence of competitive equilibrium in an economy with a finite number of agents and commodities. This text then presents two analyses that are basically responses to criticism of the development of real indeterminacy. Other chapters consider McKenzie's assumption of irreducibility, which plays a significant role in showing how compensated equilibria will be uncompensated equilibria because agents have cheaper net trade vectors in their feasible sets. This book discusses as well some properties of competitive equilibria for dynamic exchange economies with an infinite horizon and incomplete financial markets. This book is a valuable resource for economists and economic theorists. A collection of papers originating from a conference held in honour of Lionel McKenzie, one of the most influential theorists of the post-war period. The volume includes nine papers on general equilibrium, eight papers on optimal growth and seven papers on international trade. Edited By Robert Becker ... [et Al.]. Papers Presented At A Conference ... Held At The University Of Rochester ... In May 1989--pref. Includes Bibliographical References And Index.