Werner Hildenbrand Book order

The book explores the feasibility of decentralizing every allocation in an economy through an appropriately selected price system. Werner Hildenbrand argues that this is achievable in economies with numerous agents, where individual influence is minimal. He provides a comprehensive definition of such economies, examining scenarios with a continuum of agents and those with an increasing number of participants. This analysis culminates in a measure-theoretic approach to understanding economic equilibrium.

Focusing on market demand, Hildenbrand introduces a groundbreaking theory developed over a decade of research, emphasizing the significance of household heterogeneity over individual rationality in the Law of Demand. The book shifts the traditional analysis from individual behavior to exploring how the properties of market demand arise from the aggregation process. This innovative perspective challenges conventional economic thought and offers new insights into the dynamics of demand in diverse populations.

The book features a collection of invited papers presented at the Fourth World Congress of the Econometric Society, focusing on various symposia. It explores advanced topics in econometrics, showcasing the latest research and methodologies in the field. The contributions reflect the diverse perspectives and innovative approaches of leading economists, making it a valuable resource for scholars and practitioners interested in the theoretical and practical aspects of econometrics.