Arrow-Debreu Worth Generalizing To Model Power?

Power can be formally modeled in a framework of incomplete contracts, asymmetric information, strategic interaction, and principals and agents. Samuel Bowles & Herbert Gintis and Joseph Stiglitz, for example, have developed models of asymmetric information.

Is it worth developing models of power, as a generalization of the Arrow-Debreu model? I don't know that Stiglitz has ever addressed this question. His papers, as I understand them, do tend to be generalizations of the Arrow-Debreu model. This could be a rhetorical strategy. Bowles and Gintis (2000), however, assert that the Arrow-Debreu model is a detour. One can model power more directly.

Perhaps this contrast is an illustration of the different perspectives of economists that, until recently, would have been considered orthodox and heterodox. If so, it also illustrates that the boundary between orthodoxy and heterodoxy is murky.

• Samuel Bowles and Herbert Gintis (2000). "Walrasian Economics in Retrospect", Quarterly Journal of Economics (November)
• Samuel Bowles and Herbert Gintis (2007). "Power", University of Sienna, Working Paper number 495