This book offers the basic grasp of general equilibrium theory that is a fundamental background for advanced work in virtually any sub-field of economics, and the thorough understanding of the methods of welfare economics, particularly in a ...

Author: James C. Moore

Publisher: Springer Science & Business Media

ISBN: 9783540322238

Category: Business & Economics

Page: 576

View: 932

This book offers the basic grasp of general equilibrium theory that is a fundamental background for advanced work in virtually any sub-field of economics, and the thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, that is indispensable for undertaking applied policy analysis. The book uses extensive examples, both simple ones intended to bolster basic concepts, and those illustrating application of the material to economics in practice.

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).

Author: W. D. A. Bryant

Publisher: World Scientific

ISBN: 9789812818355

Category: Business & Economics

Page: 492

View: 796

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."

This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras.

Author: Pascal Bridel

Publisher: Routledge

ISBN: 9781136719820

Category: Business & Economics

Page: 160

View: 957

2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.

This book presents the first full length treatment of the development and application of an applied general equilibrium model of the Walrasian type, constructed to analyse UK taxation and subsidy policy.

Author: John Piggott

Publisher: Cambridge University Press

ISBN: 9780521301480

Category: Business & Economics

Page: 345

View: 280

In the last ten years, general equilibrium modelling has become a significant area of applied economic research. Its focus is to develop techniques to facilitate economy wide quantitative assessment of allocative and distributional impacts of policy changes. This book presents the first full length treatment of the development and application of an applied general equilibrium model of the Walrasian type, constructed to analyse UK taxation and subsidy policy. It also provides results of model experiments which have been designed to inform the policy debate, not only in the UK but also in other countries.

Bridel (economics, U. of Lausanne, Switzerland) reconstructs the pioneering attempts of Leon Walras (1834-1910) and Vilfredo Pareto (1848-1923) to coordinate money and general equilibrium theory.

Author: Pascal Bridel

Publisher: Edward Elgar Pub

ISBN: STANFORD:36105022825553

Category: Business & Economics

Page: 197

View: 777

Bridel (economics, U. of Lausanne, Switzerland) reconstructs the pioneering attempts of Leon Walras (1834-1910) and Vilfredo Pareto (1848-1923) to coordinate money and general equilibrium theory. He argues that the very logic of the original static general equilibrium model excludes the integration of monetary and value theory, shows how money is prevented from playing its essential role as a social institution in allowing monetary exchanges between individuals, and calls for some radical re- thinking about the theoretical construction on which much modern economic theory is based. Annotation copyrighted by Book News, Inc., Portland, OR

535 , Department of Agricultural and Resource Economics , University of
California , Berkeley . Dewatripont , Mathias , and Gilles Michel ( 1987 ) . " On
closure Rules , Homogeneity and Dynamics in Applied General Equilibrium
Models .

The intended readers are graduate students, specialists and researchers in economics, especially in mathematical economics. The book is appropriate as a class text, or for self-study.

Author: Monique Florenzano

Publisher: Springer Science & Business Media

ISBN: 9781475753158

Category: Business & Economics

Page: 181

View: 737

General Equilibrium Analysis is a systematic exposition of the Walrasian model of economic equilibrium with a finite number of agents, as formalized by Arrow, Debreu and McKenzie at the beginning of the fifties and since then extensively used, worked and studied. Existence and optimality of general equilibrium are developed repeatedly under different sets of hypothesis which define some general settings and delineate different approaches to the general equilibrium existence problem. The final chapter is devoted to the extension of the general equilibrium model to economies defined on an infinite dimensional commodity space. The objective of General Equilibrium Analysis is to give to each problem in each framework the most general solution, at least for the present state of art. The intended readers are graduate students, specialists and researchers in economics, especially in mathematical economics. The book is appropriate as a class text, or for self-study.

This is a new kind of textbook in microeconomic theory.

Author: Harry G. Johnson

Publisher: Routledge

ISBN: 9781351518024

Category: Business & Economics

Page: 343

View: 716

This is a new kind of textbook in microeconomic theory. In place of the usual concentration on partial equilibrium analysis and discussion of a standard series of topics, the authors seek to introduce the student from the start to the general equilibrium approach to microeconomics, in the form of the two-sector model. This model is then applied to a variety of subjects in different special fields of economic analysis: welfare economics, international trade, public finance and income distribution. This book represents a very different approach to the teaching of micro-economic theory than normally followed, and one that will be of greater long-run value to the serious student of economics. In place of the usual textbook development of the subject as traditionally conceived through topics of increasing complexity and analytical difficulty, using partial equilibrium techniques of analysis, the book concentrates on the exposition and application of a more logically integrated set of tools that have been found of greater use in the analysis of problems arising not only in traditional micro-economics but also in a number of fields of economics that have customarily been hived off into separate specialized advanced courses. General Equilibrium Analysis starts with the description of the two-sector model and how these two sectors are built based on the individual micro-units in which they made up of and how they fit into the concept of the circular flow of income. Subsequent chapters deal with the evaluation of changes in factor endowment, demand preferences and technical progress by means of the model; and the theory of government, which includes both the theory of government expenditure, or public goods, and the theory of government tax and/or subsidy programmes-changes in budgetary scale, tax substitution and expenditure substitution. The model is then extended to an open economy-the so-called "two by two by two"--to consider both the normative effect of inte

The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition.

Author: Takashi Suzuki

Publisher: World Scientific Publishing Company

ISBN: 9811219613

Category: Business & Economics

Page: 320

View: 811

The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition. New chapters and sections have been added to this revised and expanded edition of General Equilibrium Analysis of Production and Increasing Returns (World Scientific, 2009).The new material includes a presentation of equilibrium existence and core equivalence theorems for an infinite horizon economy with a measure space of consumers. These results are currently the focus of extensive studies by mathematical theorists, and are obtained by an application of an advanced mathematical concept called saturated (super-atomless) measure space.The second major change is the inclusion of a simple toy model of a liberal society which implements the difference principle proposed by J Rawls as a principle of distributive justice. This new section opens up a possibility to connect theoretical economics and political philosophy.Thirdly, the author presents the marginal cost pricing equilibrium and discusses welfare properties of the external increasing returns, which also belong to Marshall/ Pigou tradition of the Cambridge school.Finally, a new mathematical appendix treats basics of singular homology theory. Although the fixed point theorem is originally a theorem of algebraic topology, most economic students know its proof only in the context of the differentiable manifold theory presented by J Milnor. Considering the significance of the fixed point theorem and its playing a key role in general equilibrium theory, the purpose of this new appendix is to provide readers with the idea of a proof of Brower's fixed point theorem from the 'right place'.This volume will be helpful for graduate students and researchers of mathematical economics, game theory, and microeconomics.

The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of ...

Author: John B. Shoven

Publisher: Cambridge University Press

ISBN: 0521319862

Category: Business & Economics

Page: 299

View: 762

The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.

MATHEMATICAL ECONOMICS & APPLIED GENERAL EQUILIBRIUM
MODELLING Contents Part I : Mathematical Economics RICHARD ERICSON ,
Columbia University Introduction to Mathematical Economics , U 5 FRANK S. T.
HSIAO ...

Agricultural and Food Policies in a U . S . - Mexico Free Trade Agreement , "
North American Journal of Economics and Finance , forthcoming . Dervis , Kemal
, Jaime de Melo , and Sherman Robinson , 1982 . General Equilibrium Models for
...

The book is directed at graduate students and professional economists who may have an interest in constructing or applying general equilibrium models.

Author: K.R. Pearson

Publisher: Elsevier

ISBN: 9780080934037

Category: Business & Economics

Page: 408

View: 440

"General-equilibrium" refers to an analytical approach which looks at the economy as a complete system of inter-dependent components (industries, households, investors, governments, importers and exporters). "Applied" means that the primary interest is in systems that can be used to provide quantitative analysis of economic policy problems in particular countries. Reflecting the authors' belief in the models as vehicles for practical policy analysis, a considerable amount of material on data and solution techniques as well as on theoretical structures has been included. The sequence of chapters follows what is seen as the historical development of the subject. The book is directed at graduate students and professional economists who may have an interest in constructing or applying general equilibrium models. The exercises and readings in the book provide a comprehensive introduction to applied general equilibrium modeling. To enable the reader to acquire hands-on experience with computer implementations of the models which are described in the book, a companion set of diskettes is available.

The developments of economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions.

Author: Anders Borglin

Publisher: Springer Science & Business Media

ISBN: 3540002650

Category: Business & Economics

Page: 396

View: 503

The developments of economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions. The conflict between observed institutions and the benchmark interpretation became apparent. This led to the introduction of new equilibrium concepts. The emphasis was on the possibilities to transfer purchasing power over time using spot markets involving assets or money. This advanced textbook focuses on the developments in the theory of incomplete markets and overlapping generations economies where income transfers over time are restricted either by available assets or by the unfeasibility of contracts with unborn generations. It bridges the gap between standard textbooks on microeconomics and more advanced expositions. Contains diagrams, examples and exercises.

ONE THE SETTING : INDIVIDUAL ECONOMIC AGENTS 1 - 1
MACROECONOMICS , MICROECONOMICS , AND GENERAL EQUILIBRIUM
THEORY Traditionally a distinction has been drawn in economic theory between
microeconomics ...

Author: James P. Quirk

Publisher: New York : McGraw-Hill

ISBN: STANFORD:36105001917058

Category: Economics, Mathematical

Page: 221

View: 512

The setting: individual economic agents; The setting: supply and demand, competitive equilibrium; Existence and uniqueness; Welare economics.

This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.

Author: Andreu Mas-Colell

Publisher: Cambridge University Press

ISBN: 0521388708

Category: Business & Economics

Page: 392

View: 130

This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.