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General Equilibrium Theory
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Book Synopsis General Equilibrium Theory of Value by : Yves Balasko
Download or read book General Equilibrium Theory of Value written by Yves Balasko and published by Princeton University Press. This book was released on 2011-07-25 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.
Book Synopsis General Equilibrium by : Yves Balasko
Download or read book General Equilibrium written by Yves Balasko and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by one of the key pioneers in the field, this book offers an accessible introduction to general equilibrium theory. Written for undergraduates taking courses in economic theory and modelling who have limited mathematical proficiency, the book fills a gap between forbidding technical expositions and the less rigorous elementary ones.
Book Synopsis General Equilibrium Theory by : Ross M. Starr
Download or read book General Equilibrium Theory written by Ross M. Starr and published by Cambridge University Press. This book was released on 1997-07-13 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.
Book Synopsis Foundations of the Theory of General Equilibrium by : Yves Balasko
Download or read book Foundations of the Theory of General Equilibrium written by Yves Balasko and published by World Scientific. This book was released on 2016-05-11 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy. Contents:The Exchange ModelA Simple Linear Version of the Exchange ModelThe Exchange Model with Two Goods and Two ConsumersConsumer TheoryThe Equilibrium ManifoldThe Natural ProjectionEquilibrium Analysis for Fixed Total ResourcesThe Natural Projection and Envelope TheoryA Duality TheorySeveral Extensions of the General Equilibrium Model Readership: Graduate students in mathematics who want to specialize in economics and mathematical economics; researchers and professionals who will find in this book a detailed account of some of the most current developments of a difficult but essential theory.
Book Synopsis Classical General Equilibrium Theory by : Lionel W. McKenzie
Download or read book Classical General Equilibrium Theory written by Lionel W. McKenzie and published by MIT Press (MA). This book was released on 2002 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed overview of the classical model of general equilibrium theory.
Book Synopsis General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory by : Truman F. Bewley
Download or read book General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory written by Truman F. Bewley and published by Harvard University Press. This book was released on 2009-07-01 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
Book Synopsis General Equilibrium by : W. D. A. Bryant
Download or read book General Equilibrium written by W. D. A. Bryant and published by World Scientific. This book was released on 2010 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results." -- PUBLISHER WEBSITE.
Book Synopsis Why is There Money? by : Ross M. Starr
Download or read book Why is There Money? written by Ross M. Starr and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.
Book Synopsis General Equilibrium and Game Theory by : Andreu Mas-Colell
Download or read book General Equilibrium and Game Theory written by Andreu Mas-Colell and published by Harvard University Press. This book was released on 2016-01-04 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Andreu Mas-Colell revolutionized our understanding of competitive markets, price formation, and the behavior of market participants. This volume presents the papers that solidified his standing as one of the preeminent economic theorists of our time. It also is invaluable for anyone wishing to study the craft of a master of economic modeling.
Book Synopsis General Equilibrium by : W. D. A. Bryant
Download or read book General Equilibrium written by W. D. A. Bryant and published by World Scientific. This book was released on 2010 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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."
Book Synopsis The Theory of General Economic Equilibrium by : Andreu Mas-Colell
Download or read book The Theory of General Economic Equilibrium written by Andreu Mas-Colell and published by Cambridge University Press. This book was released on 1985 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Introduction to General Equilibrium Theory and Welfare Economics by : James P. Quirk
Download or read book Introduction to General Equilibrium Theory and Welfare Economics written by James P. Quirk and published by New York : McGraw-Hill. This book was released on 1968 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The setting: individual economic agents; The setting: supply and demand, competitive equilibrium; Existence and uniqueness; Welare economics.
Book Synopsis Exploring General Equilibrium by : Fischer S. Black
Download or read book Exploring General Equilibrium written by Fischer S. Black and published by MIT Press. This book was released on 2010-05-21 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper. Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts—generalized observations from the real world—that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.
Book Synopsis General Equilibrium, Capital and Macroeconomics by : Fabio Petri
Download or read book General Equilibrium, Capital and Macroeconomics written by Fabio Petri and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Fabio Petri has been a persistent critic of marginalist theories of value and distribution. In this provocative book, he presents an extensive scrutiny of the reasons why many economists are unsatisfied with the Neo-Walrasian approach to General Equilibrium theory and why some reject it altogether. General Equilibrium, Capital and Macroeconomics throws down a challenge to all economic theorists.' - Neri Salvadori, University of Pisa, Italy 'General Equilibrium, Capital and Macroeconomics is a thorough and deep book. It contains a remarkably clear and precise statement of the conceptual, methodological and analytical difficulties besetting the demand and supply approach to economics as it is advocated in partial and general equilibrium models, old and new, micro and macro. This work covers essential parts of modern economics, it is well written and the subject matter is carefully arranged. The book will be of interest to a wide range of economists.' - Heinz D. Kurz, University of Graz, Austria This book argues that the shift in general equilibrium theory, from its early long-period to the modern very-short-period versions, has had very important consequences which are insufficiently appreciated by large parts of the economics profession. This shift has produced new difficulties, and has undermined central tenets of neoclassical macroeconomic theory (such as the negative dependence of aggregate investment on the interest rate, or the existence of a downward-sloping demand curve for labour) which had their basis in the long-period versions where capital was treated as a single factor.
Book Synopsis General Equilibrium Models of Monetary Economies by : Ross M. Starr
Download or read book General Equilibrium Models of Monetary Economies written by Ross M. Starr and published by Academic Press. This book was released on 2014-05-10 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.
Book Synopsis General Equilibrium Analysis by : Monique Florenzano
Download or read book General Equilibrium Analysis written by Monique Florenzano and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Computational Aspects of General Equilibrium Theory by : Donald Brown
Download or read book Computational Aspects of General Equilibrium Theory written by Donald Brown and published by Springer Science & Business Media. This book was released on 2008-01-08 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph presents a general equilibrium methodology for microeconomic policy analysis. It is intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu`s Theory of Value (1959) or Arrow and Hahn`s General Competitive Analysis (1971). The monograph consists of several essays written over the last decade. It also contains an appendix by Charles Steinhorn on the elements of O-minimal structures.
