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March 1992
6 x 9, 654 pp., 46 illus.
$65.00/£48.95 (PAPER)
Text

ISBN-10:
0-262-54159-9
ISBN-13:
978-0-262-54159-6

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Cloth (1992)
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From The MIT Press Classics Series:
Economic Analysis of Markets and Games
Essays in Honor of Frank Hahn
Edited by Partha Dasgupta, Douglas Gale, Oliver Hart and Eric Maskin

Preface
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ix
IMicroeconomic Foundations of Macroeconomics1
Hahn on the Share of Wages in National Income
Robert M. Solow
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3
Nominal-Wage Setting and the Theory of Games
Christopher Bliss
19
Underemployment as a Coordination Problem with Savings and Increasing Returns
Walter P. Heller
43
Properties of Aggregate Saving in Overlapping-Generations Models
David A. Starrett
67
Institutional Features of Unemployment Insurance and the Working of the Labor Market
A. B. Atkinson
82
Production Fluctuations and Fiscal Policy in an Economy with Aggregate and Idiosyncratic Shocks
Oliver Hart and Eric Maskin
107
Prices and Queues as Screening Devices in Competitive Markets
Joseph E. Stiglitz
128
IIInformation and the Theory of Games167
Informational Equivalence of Signals
Kenneth J. Arrow
169
Informational Efficiency of Search Equilibrium
Douglas Gale
184
Irrationality in Game Theory
Robert J. Aumann
214
Rational Conjectural Equilibrium and Repeated Games
Hamid Sabourian
228
Static Choice in the Presence of Unforeseen Contingencies
David M. Kreps
258
Lexicographic Probabilities and Iterated Admissibility
Adam Brandenburger
282
Understanding the Past in Order to Assess the Future: On Learning Equilibrium Price Processes
Mordecai Kurz
291
Transfer Payments and the Core of a Profit-Center Game
Roy Radner
316
Credible Oil Supply Contracts
David M. Newbery
340
The Existence of Perfectly Competitive Equilibrium ŕ la Wicksteed
Louis Makowski and Joseph M. Ostroy
370
IIIOptimality and Equilibrium with Missing Markets405
The Value of Money in a Finite-Horizon Economy: A Role for Banks
Pradeep Dubey and John Geanakoplos
407
The Lucas Equation, Indeterminacy, and Non-Neutrality: An Example
Pierre-André Chiappori and Roger Guesnerie
445
Three Observations on Sunspots and Asset Redundancy
Andrew Mas-Colell
465
On the Aggregate Effects of Individual Risks
Jayasri Dutta and Heraklis Polemarchakis
475
The Optimum Quantity of Money Revisited
Timothy J. Kehoe, David K. Levine and Michael Woodford
501
On the Impossibility of Perfect Capital Markets
Peter J. Hammond
527
Optimal Taxation of Identical Consumers When Markets Are Incomplete
Peter A. Diamond and James A. Mirrlees
561
Miscellany583
Educating Our Masters
Terence Gorman
585
Risk Tolerances, Distributive Inequality, and Track Bettors' Equilibrium
Paul A. Samuelson
602
Poverty and Living Standards
Partha Dasgupta
621
List of Contributors635
Index
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637
 
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