The Collected Scientific Work of David Cass
The Collected Scientific Work of David Cass by Stephen E. Spear is a comprehensive compilation published by Emerald Group Publishing on January 27, 2011. This edition spans 404 pages and is presented in English. The book is organized chronologically, aligning with the significant advancements in Cass’ research, including the neoclassical growth model, sunspot equilibria, and market incompleteness.
Readers will find a detailed exploration of Cass’ influential papers from the mid-1980s until his passing in 2008. The volume delves into key topics such as the indeterminacy of competitive equilibrium in incomplete markets and the interplay between market incompleteness and sunspot equilibria. Additionally, it addresses the implications of financial innovation on economic welfare, highlighting how such innovations can result in both welfare losses and gains, depending on their characteristics. This scholarly work serves as a significant resource for those interested in economics and theory.
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The three volumes of the “Collected Scientific Works of David Cass” are ordered chronologically, which happens to coincide with the development of the three major advances in Cass’ research agenda, the development of the neoclassical growth model, the discovery of sunspot equilibria, and the analysis of models of market incompleteness. This volume covers the period from the middle 1980’s through the end of Cass’ life in 2008. Cass’ research during this period included definitive papers showing that competitive equilibrium is generically indeterminate when markets are incomplete, and on the relationship between market incompleteness and the existence of sunspot equilibrium. This period also saw the follow-on papers addressing the issue of how financial innovation affects economic welfare, showing in particular that innovation can lead to welfare losses as well as gains, depending on the nature of the innovation.
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