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perfect competition

Name: perfect competition
Creator: Khan, M. Ali Khan
Keywords: Allocation of Resources, Perfect Competition, Exchange Economy, jel:D00, Allocation of Resources; Perfect Competition; Exchange Economy

descriptionPublicationkeyboard_double_arrow_right Part of book or chapter of book , Preprint 01 Jan 1987Publisher:Nature Publishing Group

Authors: Khan, M. Ali Khan;

doi: 10.1057/9780230226203.3260 , 10.1057/978-1-349-95189-5_1633 , 10.1057/978-1-349-95121-5_1633-1 , 10.1057/978-1-349-95121-5_1633-2 , 10.1057/9780230226203.1267 , 10.1057/9781137336583.1367 , 10.1007/978-1-349-19802-3_27

perfect competition

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Abstract

In his 1987 entry on ‘Perfect Competition’ in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to include work done on the subject during the last twenty years. A fresh assessment of this literature is offered, one that emphasises the independence assumption whereby individual agents are not related except through the price system. And it highlights a ‘linguistic turn’ whereby Hayek’s two fundamental papers on ‘division of knowledge’ are seen to have devastating consequences for this research programme

Keywords

Allocation of Resources, Perfect Competition, Exchange Economy, Allocation of Resources; Perfect Competition; Exchange Economy, jel: jel:D00

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	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	4
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Average
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Average
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Average

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