Prakash and Sertel's theory of non-cooperative equilibria in social systems-Twenty years later

Başçı, E.Sertel, M. R.2016-02-082016-02-0819960304-4068http://hdl.handle.net/11693/25726This paper is intended as a companion to the paper 'Existence of non-cooperative equilibria in social systems by Prakash and Sertel (1974b) appearing in this volume. It aims to perform two tasks: (1) to give the reader a glimpse at the literature relevant to the existence of equilibria in social systems as it has developed since the writing of the Prakash and Sertel (PS) paper; and (2) to provide a class of examples illustrating where the PS notions of a social system and the non-cooperative equilibrium of a social system generalize the well-known concepts of games, abstract economies and their associated equilibria, showing how the existence theory of PS even today bears economic results beyond where alternative theories are applicable.EnglishEquilibrium existenceExternalitiesProduction economiesSustainable Walrasian equilibriaTechnological changePrakash and Sertel's theory of non-cooperative equilibria in social systems-Twenty years laterArticle10.1016/0304-4068(95)00714-81873-1538