Some Aspects of the Foundations of General Equilibrium Theory
Title | Some Aspects of the Foundations of General Equilibrium Theory PDF eBook |
Author | P.J. Kalman |
Publisher | Springer Science & Business Media |
Pages | 174 |
Release | 2012-12-06 |
Genre | Business & Economics |
ISBN | 364295331X |
In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.
Some Aspects of the Foundations of General Equilibrium Theory
Title | Some Aspects of the Foundations of General Equilibrium Theory PDF eBook |
Author | Peter Jason Kalman |
Publisher | |
Pages | 184 |
Release | 1978 |
Genre | |
ISBN | 9783642953323 |
Some aspects of the foundations of general equilibrium theory - the posthmous papers of peter j. Kalman
Title | Some aspects of the foundations of general equilibrium theory - the posthmous papers of peter j. Kalman PDF eBook |
Author | Jerry Green |
Publisher | |
Pages | |
Release | 1978 |
Genre | |
ISBN |
The Flawed Foundations of General Equilibrium Theory
Title | The Flawed Foundations of General Equilibrium Theory PDF eBook |
Author | Frank Ackerman |
Publisher | Routledge |
Pages | 237 |
Release | 2004-06-24 |
Genre | Business & Economics |
ISBN | 1135997381 |
This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.
Lecture Notes in Physics
Title | Lecture Notes in Physics PDF eBook |
Author | Erhard Seiler |
Publisher | |
Pages | 167 |
Release | 1969 |
Genre | Economics, Mathematical |
ISBN | 9780387115597 |
Some aspects of the foundations of general equilibrium theory: The posthumous papers of Peter J. Kalman
Title | Some aspects of the foundations of general equilibrium theory: The posthumous papers of Peter J. Kalman PDF eBook |
Author | Peter J. Kalman |
Publisher | |
Pages | |
Release | 1978 |
Genre | |
ISBN |
General Equilibrium
Title | General Equilibrium PDF eBook |
Author | W. D. A. Bryant |
Publisher | World Scientific |
Pages | 492 |
Release | 2010 |
Genre | Business & Economics |
ISBN | 9812818359 |
General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: OCyDoes the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence OCo and if so, how is that achieved?OCO This is always an apt question, but particularly so given the OCyGlobal Financial CrisisOCO that emerged from the operation of market economies in the Americas and Europe in mid to late 2008. The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood OCo neither by proponents of, or antagonists to, the OCyfree market positionOCO. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on OCymarket forcesOCO to manage complex socio-economic systems. Sample Chapter(s). Chapter 1: General Equilibrium Theory: An Overview (138 KB). Contents: General Equilibrium Theory: An Overview; Existence of Equilibrium: Sufficient Conditions; Existence of Equilibrium: Necessary Conditions; Equilibrium and Irreducibility: Some Empirical Evidence; Existence of Equilibrium Under Alternative Income Conditions; Existence of Walrasian Equilibrium in Some NonOCoArrow-Debreu Environments; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics of Equilibrium States; Empirical Evidence on General Equilibrium; General Equilibrium Theory in Retrospect. Readership: Advanced undergraduates and graduate students in economics; economists interested in economic theory."