We introduce two new variations on the Nash demand game. In one, as in all past variants of Nash demand games, the Nash bargaining solution is the equilibrium outcome. The other demand game allows for probabilistic continuation in cases of infeasible joint demands. Specifically, with probability...

A great many of the most important developments in modern economics were first revealed in the pages of Econometrica. This selection of readings from that journal is the third in a series and contains its editors' choice of the best articles in the general area of macroeconomics and capital...

This account of turnpike theorems concentrates on the discrete time model, descended from the early von Neumann growth model and the Dosso model. It portrays the current state of the theory under the following five headings: (i) a turnpike in the von Neumann model, (ii) a turnpike in the Ramsey...

Influential neoclassical economist Lionel McKenzie has made major contributions to postwar economic thought in the fields of equilibrium, trade, and capital accumulation. This selection of his papers traces the development of his thinking in these three crucial areas. McKenzie's early academic...

Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie...