Overview
"These are the first two volumes in a three-volume exposition of Martin Shubik's vision of ""mathematical institutional economics"" - a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological and institutional necessity, as part of the ""rules of the game."" Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics."
Full Product Details
Author: Martin Shubik
Publisher: MIT Press Ltd
Imprint: MIT Press
Dimensions:
Width: 15.20cm
, Height: 1.90cm
, Length: 22.90cm
Weight: 0.749kg
ISBN: 9780262194280
ISBN 10: 0262194287
Pages: 384
Publication Date: 22 November 1999
Audience:
College/higher education
,
Professional and scholarly
,
Postgraduate, Research & Scholarly
,
Professional & Vocational
Format: Hardback
Publisher's Status: Out of Print
Availability: Out of stock
Reviews
"""These two volumes, with a gestation period of over thirty years, represent a thorough synthesis of a lifelong dedication to bringing together general equilibrium theory and game theory in conceiving a theory of money and financial economics that would be an abstract reflection of observed financial institutions and actual trading behavior in advanced free-market economics.... Overall, these two volumes form a unique blend of high theory and institutional economics, with very creative links between the two. The whole makes for stimulating, provocative, and enjoyable reading for a broad audience of economists and social scientists."" - Rabah Amir, Journal of Institutional and Theoretical Economics"""
These two volumes, with a gestation period of over thirty years, represent a thorough synthesis of a lifelong dedication to bringing together general equilibrium theory and game theory in conceiving a theory of money and financial economics that would be an abstract reflection of observed financial institutions and actual trading behavior in advanced free-market economics.... Overall, these two volumes form a unique blend of high theory and institutional economics, with very creative links between the two. The whole makes for stimulating, provocative, and enjoyable reading for a broad audience of economists and social scientists. - Rabah Amir, Journal of Institutional and Theoretical Economics
Author Information
Martin Shubik is Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Management.
