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The book explores the possibility of decentralizing every allocation in an economy through a carefully selected price system, demonstrating that this is feasible in economies with numerous agents where individual influence is minimal. Hildenbrand provides a precise definition of such economies, examining both those with a continuum of agents and those with an increasing number of participants. His analysis culminates in a measure-theoretic approach to economic equilibrium, offering a rigorous framework for understanding these dynamics.
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Core and Equilibria of a Large Economy. (PSME-5), Werner Hildenbrand
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- Pubblicato
- 2016
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