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6 - The New Microeconomics: General Equilibrium and Expected Utilities, Theory of Industrial Organization

from Part III - The Disgregation of the Mainstream

Published online by Cambridge University Press:  25 November 2019

Alessandro Roncaglia
Alessandro Roncaglia
Affiliation:
Università degli Studi di Roma 'La Sapienza', Italy
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Summary

In the framework of a critical illustration of the contemporary history of economics, this chapter provides an assessment of the development of microeconomics since von Neumann’s and Morgenstern’s theory of expected utility, including the developments of general equilibrium theory, reproposals by the Chicago school and others of the Marshallian theory, Samuelson’s Marshallian-Walrasian synthesis, the new theories of the irm (oligopoly and barriers to entry, contestable markets and others), growth and limits of game theory.

Keywords

General equilibriumExpected utilitiesIndustrial organizationMicroeconomicsvon NeumannSamuelsonGame theoryChicago school
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Chapter
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The Age of Fragmentation
A History of Contemporary Economic Thought
 , pp. 113 - 145
Publisher: Cambridge University Press
Print publication year: 2019

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