Economic equilibrium: Optimality and price decentralization (Q1863737)

The goal of the paper under review is to present a mathematically precise formalism of the market equilibrium concept and its role in the mathematical economics. After an extensive introduction to the development of the market and general equilibrium models and their components, the attention is focused on the convex exchange economies and non-convex production economies. The main results regard the role of positivity in the theory of convex economic analysis, and the role of normal cones in the theory of non-convex economies. The number of 118 references representatively covers the main sources of the presented approaches to the market models.