Theory of Value

Debreu, G. (1959). Theory of Value: An Axiomatic Analysis of Economic Equilibrium. John Wiley & Sons.

Type

Book

Intellectual base

Textbook

Year

1959

Link

https://cowles.yale.edu/research/cfm-17-theory-value-axiomatic-analysis-economic-equilibrium

Cited from

economics_finance, operations_research

Cited by

4 citations across 4 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Allocation
  • Walrasian general-equilibrium theory treats price-mediated allocation as the canonical mechanism, but the same structural prime underlies central planning, rationing, and within-firm transfer-pricing schemes, a unifying reading Debreu (1959) makes explicit in his axiomatic treatment of resource allocation under any criterion.

    This sourceAxiomatic treatment of resource allocation under general equilibrium; develops the formal structure of feasible allocations and Pareto optimality of the price mechanism. SUPPORTS the claim that Debreu makes explicit the axiomatic structure of resource allocation under any criterion.

• Pareto Efficiency
  • Gérard Debreu's Theory of Value (1959)

    This sourceAxiomatic treatment of resource allocation under general equilibrium; develops the formal structure of feasible allocations independent of any particular criterion.

Domain-specific

• Arrow–Debreu Model
  • The First Welfare Theorem states that every competitive equilibrium allocation is Pareto-efficient — a rigorous statement of the invisible-hand result.

    This sourceDebreu's Theory of Value, organising the equilibrium and optimum results whose equivalence carries the First Welfare Theorem.

    Supported in partVerified against a saved copy of the source

    “System Is an {{{Optimum}}}. - 4. An {{{Optimum}}} Is an {{{Equilibrium}}} Relative to a Price System. - Notes”

    Read by an automated reader; not a human review. How support was checked

• Competitive Equilibrium
  • It underlies the welfare theorems: under stated convexity/local nonsatiation and other conditions, equilibria have Pareto properties, and supported Pareto optima can be decentralized after suitable redistribution.

Verification

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