Arrow and the Foundations of the Theory of Economic Policy

Front Matter....Pages i-liv
The Potentials and Limits of Economic Analysis: The Contributions of Kenneth J. Arrow....Pages 1-187
Front Matter....Pages 189-189
Oral History I: An Interview....Pages 191-242
Oral History II: An Interview....Pages 243-257
Oral History III: An Interview....Pages 258-292
Front Matter....Pages 293-293
Arrow’s Vision of the Economic Process....Pages 295-305
Economic Theory and Mathematical Method: An Interview....Pages 306-316
Transformation in General Equilibrium Theory and Methods: An Interview....Pages 317-324
Theory and Method — Second-Generation Perspective: An Interview....Pages 325-339
Interaction Between General Equilibrium and Macroeconomics: An Interview....Pages 340-358
Front Matter....Pages 359-359
On the Non-existence of Equilibrium: From Thornton to Arrow....Pages 361-374
On Equilibria of Bid-Ask Markets....Pages 375-414
General Equilibrium Analysis of Imperfect Competition: An Illustrative Example....Pages 415-438
Incentive-based Decentralization: Expected-Externality Payments Induce Efficient Behaviour in Groups....Pages 439-483
Arrow and the Theory of Discrimination....Pages 484-497
Specialization, Search Costs, and the Degree of Resource Utilization....Pages 498-518
Information Disclosure and the Economics of Science and Technology....Pages 519-542
Front Matter....Pages 543-543
Von Neumann-Morgenstern Utilities, Risk Taking, and Welfare....Pages 545-558
Arrow-Bayes Equilibria: A New Theory of Price Forecasting....Pages 559-596
Rational Learning and Rational Expectations....Pages 597-625
Aspects of Investor Behaviour Under Risk....Pages 626-653
Front Matter....Pages 543-543
Oligopolistic Uncertainty and Optimal Bidding in Government Procurement: A Subjective Probability Approach....Pages 654-674
Taking Pure Theory to Data: Arrow’s Seminal Contribution....Pages 675-681
Front Matter....Pages 683-683
Reflections on the Essays....Pages 685-689
Back Matter....Pages 691-698