Incomplete Financial Markets and Indeterminacy of Competitive Equilibrium PDF Download

Author: David Cass
Publisher:
ISBN:
Category :
Languages : en
Pages : 60

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Author: Stephen E. Spear
Publisher: Emerald Group Publishing
ISBN: 0857246437
Category : Business & Economics
Languages : en
Pages : 384

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Book Description
Consists of the work David Cass completed after leaving Carnegie Mellon for the University of Pennsylvania's Economics Department (where he remained for the rest of his career).

Author: Robert Becker
Publisher: Academic Press
ISBN: 1483216381
Category : Business & Economics
Languages : en
Pages : 630

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Book Description
General Equilibrium, Growth, and Trade, Volume II: The Legacy of Lionel McKenzie presents the impact of Lionel McKenzie's contributions on modern economics. This book discusses McKenzie's researches that are relevant in applied economic fields, including general equilibrium, optimal growth, and international trade. Organized into three parts encompassing 24 chapters, this volume begins with an overview of the existence of competitive equilibrium in an economy with a finite number of agents and commodities. This text then presents two analyses that are basically responses to criticism of the development of real indeterminacy. Other chapters consider McKenzie's assumption of irreducibility, which plays a significant role in showing how compensated equilibria will be uncompensated equilibria because agents have cheaper net trade vectors in their feasible sets. This book discusses as well some properties of competitive equilibria for dynamic exchange economies with an infinite horizon and incomplete financial markets. This book is a valuable resource for economists and economic theorists.

Author: Antonio Villanacci
Publisher: Springer Science & Business Media
ISBN: 1475736193
Category : Mathematics
Languages : en
Pages : 495

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General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .

Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 938

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Author: Gerard Debreu
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 584

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This three-volume work provides a collection of essays on general equilibrium theory, illustrating its role as one of the major theoretical developments in economics since 1945. The aim is to improve access to the literature on this subject, which is not always readily available.

Author: Econometric Society. World Congress
Publisher: Cambridge University Press
ISBN: 9780521484602
Category : Business & Economics
Languages : en
Pages : 466

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Book Description
This book gives the reader a unique survey of the most recent advances in economic theory.

Author: Alessandro Citanna
Publisher: Springer Science & Business Media
ISBN: 3540271929
Category : Business & Economics
Languages : en
Pages : 278

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Book Description
In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.

Author: Mukul Majumdar
Publisher: Springer
ISBN: 1349116963
Category : Business & Economics
Languages : en
Pages : 374

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Book Description
Over the last 40 years, Professor David Gale has played a leading role in developing two themes of fundamental importance to economic theory. As a tribute to his creative research, this volume contains contributions from some leading researchers who explore different directions in these areas.

Author: Mukul Majumdar
Publisher: Cambridge University Press
ISBN: 9780521553001
Category : Business & Economics
Languages : en
Pages : 372

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Book Description
There have been systematic attempts over the last twenty-five years to explore the implications of decision making with incomplete information and to model an 'economic man' as an information-processing organism. These efforts are associated with the work of Roy Radner, who joins other analysts in this collection to offer accessible overviews of the existing literature on topics such as Walrasian equilibrium with incomplete markets, rational expectations equilibrium, learning, Markovian games, dynamic game-theoretic models of organization, and experimental work on mechanism selection. Some essays also take up relatively new themes related to bounded rationality, complexity of decisions, and economic survival. The collection overall introduces models that add to the toolbox of economists, expand the boundaries of economic analysis, and enrich our understanding of the inefficiencies and complexities of organizational design in the presence of uncertainty.