(1921-) French-born US economist. He developed mathematical economic models with Kenneth Arrow, analyzing the conditions for economic equilibrium, where demand and supply are equal. He further developed such models in his chief work, Theory of Value 1959, which integrates the theory of location of firms, the theory of capital, and the theory of behavior under uncertainty into general economic equilibrium theory. He was awarded the Nobel Prize for Economics 1983 for his work on general equilibrium theory.