Prakash and Sertel's theory of non-cooperative equilibria in social systems - Twenty years later

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Başçı E., Sertel M.

JOURNAL OF MATHEMATICAL ECONOMICS, vol.25, no.1, pp.1-18, 1996 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 25 Issue: 1
  • Publication Date: 1996
  • Doi Number: 10.1016/0304-4068(95)00714-8
  • Journal Name: JOURNAL OF MATHEMATICAL ECONOMICS
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus
  • Page Numbers: pp.1-18
  • Keywords: equilibrium existence, production economies, externalities, technological change, sustainable Walrasian equilibria, ORDERED PREFERENCES, ABSTRACT ECONOMIES, MEASURE SPACE, EXISTENCE, COMMODITIES, LATTICES, AGENTS
  • TED University Affiliated: No

Abstract

This paper is intended as a companion to the paper 'Existence of non-cooperative equilibria in social systems by Prakash and Sertel (1974b) appearing in this volume. It aims to perform two tasks: (1) to give the reader a glimpse at the literature relevant to the existence of equilibria in social systems as it has developed since the writing of the Prakash and Sertel (PS) paper; and (2) to provide a class of examples illustrating where the PS notions of a social system and the non-cooperative equilibrium of a social system generalize the well-known concepts of games, abstract economies and their associated equilibria, showing how the existence theory of PS even today bears economic results beyond where alternative theories are applicable.