Arrow and the Ascent of Modern Economic Theory

GEORGE R. FEIWEL is Alumni Distinguished Service Professor and Professor of Economics at the University of Tennessee. He has been visiting Professor at Harvard University and the University of California, Berkeley, on several occasions, as well as Visiting Professor at the University of Stockholm and, also on several occassions, Senior Faculty Visitor at the University of Cambridge. A Guggenheim Fellow, he is the author of more than ten books including The Economics of Socialist Enterprise; The Soviet Quest for Economic Efficiency; Industrialization Policy and Planning under Polish Socialism; The Intellectual Capital of Michal Kalecki; and Growth and Reforms in Centrally Planned Economies.

• Notes on the Contributors Preface The Potentials and Limits of Economic Analysis: The Contributions of Kenneth J. Arrow; G.R.Feiwel PART I: THE MAKERS OF MODERN GENERAL EQUILIBRIUM THEORY Oral History I: An Interview; Kenneth J.Arrow Oral History II: An Interview; G.Debreu Oral History III: An Interview; L.Hurwicz PART II: VISION, METHOD, APPLICATION Arrow's Vision of the Economic Process; C.Bliss Economic Theory and Mathematical Method: An Interview; R.J.Aumann Transformation in General Equilibrium Theory and Methods: An Interview; A.Mas-Colell Theory and Method - Second-Generation Perspective: An Interview; H.Sonnenschein Interaction between General Equilibrium and Macroeconomics: An Interview; L.R.Klein PART III: THEORY OF RESOURCE ALLOCATION On the Non-existence of Equilibrium: From Thornton to Arrow; T.Negishi On Equilibria of Bid-Ask Markets; R.B.Wilson General Equilibrium Analysis of Imperfect Competition: An Illustrative Example; J.Roberts Incentive-based Decentralization: Expected-Externality Payments Induce Efficient Behaviour in Groups; J.W.Pratt and R.Zeckhauser Arrow and the Theory of Discrimination; H.Y.Wan Jr Specialization, Search Costs, and the Degree of Resource Utilization; M.W.Reder Information Disclosure and the Economics of Science and Technology; P.Dasgupta and P.A.David PART IV: DECISION-MAKING UNDER UNCERTAINTY Von-Neumann-Morgenstern Utilities, Risk Taking, and Welfare; J.C.Harsanyi Arrow-Bayes Equilibria: A New Theory of Price Forecasting; H.W.Brock Rational Learning and Rational Expectations; M.Bray and D.M.Kreps Aspects of Investor Behaviour Under Risk; B.M.Friedman and V.V.Roley Oligopolistic Uncertainty and Optimal Bidding in Government Procurement: A Subjective Probability Approach; R.E.Kuenne Taking Pure Theory to Data: Arrow's Seminal Contribution; R.M.Townsend PART V: ARROW'S REFLECTIONS ON THE ESSAYS Reflections on the Essays; K.J.Arrow Index