Differential Topology and General Equilibrium with Complete and Incomplete Markets
本书用微分拓扑工具分析完全和不完全市场的一般均衡，说明金融工具不完善导致市场无法实现最优结果，适合具备线性代数、微积分和拓扑基础的经济学读者。
Features of real‐world markets typically violate the conditions required for market economies to direct, through the price system, the selfish motives of individual economic agents to achieve socially efficient outcomes. This book presents yet another case of markets failing to achieve optimal outcomes. The market failures caused by free‐riding or missing markets in economies with public goods or externalities are here caused by the incompleteness of the financial side of the economy. Roughly speaking, the available financial instruments in the economy do not enable economic agents to spread their wealth freely to overcome uncertainty. The book analyses complete and incomplete markets in general equilibrium and is divided into two parts. The first part of the book, Chapters 1–7, is intended to make differential topology accessible as a working tool for the following part. In terms of prerequisites, it assumes the reader has some familiarity with the content of standard undergraduate linear algebra, calculus, and topology.