General equilibrium theory

market structure in which firms are price takers for a homogenous product

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theory of equilibrium between supply and demand

macroeconomic method applying general equilibrium theory and microeconomic principles to postulate economic phenomena, e.g. economic growth, business cycles, policy effects or market shocks

principle in general equilibrium theory that budget constraints imply that the values of excess demand sum to zero regardless of whether the prices are general equilibrium prices

Complete, full information, perfectly competitive markets are Pareto efficient

theorem that a function f: S→Pow(S) on a compact nonempty convex subset S⊂ℝⁿ, whose graph is closed and whose image f(x) is nonempty and convex for all x∈S, has a fixed point

economic model of a market, suggesting that under certain economic assumptions there exist prices such that aggregate supplies equal aggregate demands for every commodity

simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer

result in convex geometry

concept in economics

class of economic models

significant topic in economics

The numéraire (or numeraire) is a basic standard by which value is computed. In mathematical economics it is a tradable economic entity in terms of whose price the relative prices of all other tradables are expressed. In a monetary economy, one of the functions of money is to act as the numéraire, i.e. to serve as a unit of account and therefore provide a common benchmark relative to which the value of various goods and services can be measured against.

theorem in general equilibrium economics about the excess demand curve

economics