Kenneth Arrow
Kenneth Joseph Arrow (born August 23, 1921) is an American economist, writer, and political theorist. He is the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, ...
Kenneth Arrow - Wikipedia
Arrow's impossibility theorem
In social choice theory, Arrow’s impossibility theorem, the General Possibility Theorem, or Arrow’s paradox, states that, when voters have three or more distinct alternatives (options), no rank order...
General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of p...
Shapley-Folkman lemma
The Shapley–Folkman lemma is a result in convex geometry with applications in mathematical economics that describes the Minkowski addition of sets in a vector space. Minkowski addition is ...
Shapley-Folkman lemma - Wikipedia
Real Business Cycle Theory
Real business cycle theory (RBC theory) are a class of New classical macroeconomics models in which business cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) ...
Real Business Cycle Theory - Wikipedia
New classical macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it ...
Sonnenschein-Mantel-Debreu Theorem
The Sonnenschein–Mantel–Debreu theorem (named after Gérard Debreu, Rolf Ricardo Mantel, and Hugo Freund Sonnenschein) is a result in general equilibrium economics. It states that the excess demand fun...
Fundamental theorems of welfare economics
There are two fundamental theorems of welfare economics. The first states that any competitive equilibrium or Walrasian equilibrium leads to a Pareto efficient allocation of resources. The second sta...