The Equilibrium
Author | : Constantin Diez |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : 9783753137841 |
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Author | : Constantin Diez |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : 9783753137841 |
Author | : Thomas Richard Elken |
Publisher | : |
Total Pages | : 434 |
Release | : 1977 |
Genre | : Algorithms |
ISBN | : |
Author | : Marco Lehmann-Waffenschmidt |
Publisher | : Springer Science & Business Media |
Total Pages | : 265 |
Release | : 2007-05-07 |
Genre | : Business & Economics |
ISBN | : 3540686622 |
This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.
Author | : Yves Balasko |
Publisher | : MIT Press |
Total Pages | : 245 |
Release | : 2009-04-17 |
Genre | : Business & Economics |
ISBN | : 0262262045 |
A leading scholar in the field presents post-1970s developments in the theory of general equilibrium, unified by the concept of equilibrium manifold. In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the application of the methods of differential topology to the study of the equilibrium equation. Balasko's rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium's evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold. Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern” developments of the Arrow-Debreu model improve our understanding of modern market economies.
Author | : Frank Hahn |
Publisher | : Routledge |
Total Pages | : 398 |
Release | : 2003-09-02 |
Genre | : Business & Economics |
ISBN | : 1134433611 |
In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.
Author | : |
Publisher | : |
Total Pages | : 1128 |
Release | : 1888 |
Genre | : Physics |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 556 |
Release | : 1888 |
Genre | : Physics |
ISBN | : |
Author | : Jacob K. Goeree |
Publisher | : Princeton University Press |
Total Pages | : 328 |
Release | : 2016-06-28 |
Genre | : Business & Economics |
ISBN | : 1400880920 |
Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences. Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques. Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.
Author | : Carl Davidson |
Publisher | : Princeton University Press |
Total Pages | : 433 |
Release | : 2010 |
Genre | : Business & Economics |
ISBN | : 0691125597 |
While most standard economic models of international trade assume full employment, Carl Davidson and Steven Matusz have argued over the past two decades that this reliance on full-employment modeling is misleading and ill-equipped to tackle many important trade-related questions. This book brings together the authors' pioneering work in creating models that more accurately reflect the real-world connections between international trade and labor markets. The material collected here presents the theoretical and empirical foundations of equilibrium unemployment modeling, which the authors and their collaborators developed to give researchers and policymakers a more realistic picture of how international trade affects labor markets, and of how transnational differences in labor markets affect international trade. They address the shortcomings of standard models, describe the empirics that underlie equilibrium unemployment models, and illustrate how these new models can yield vital insights into the relationship between international trade and employment. This volume also includes an indispensable general introduction as well as concise section introductions that put the authors' work in context and reveal the thinking behind their ideas. Economists are only now realizing just how important these ideas are, making this book essential reading for researchers and students.
Author | : Paul Allan David |
Publisher | : |
Total Pages | : 29 |
Release | : 1988 |
Genre | : |
ISBN | : |