Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets PDF Download

Author: Donald J. Brown
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 14

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Author: Donald Brown
Publisher: Springer Science & Business Media
ISBN: 3540765913
Category : Business & Economics
Languages : en
Pages : 204

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Book Description
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.

Author: Donald A. Walker
Publisher: Cambridge University Press
ISBN: 1139450913
Category : Business & Economics
Languages : en
Pages : 297

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Book Description
In order to understand the various strands of general equilibrium theory, why it has taken the forms that it has since the time of Léon Walras, and to appreciate fully a view of the state of general equilibrium theorising, it is essential to understand Walras's work and examine its influence. The first section of this book accordingly examines the foundations of Walras's work. These include his philosophical and methodological approach to economic modelling, his views on human nature, and the basic components of his general equilibrium models. The second section examines how the influence of his ideas has been manifested in the theorising of his successors, surveying the models of theorists such as H. L. Moore, Vilfredo Pareto, Knut Wicksell, Gustav Cassel, Abraham Wald, John von Neumann, J. R. Hicks, Kenneth Arrow, and Gerard Debreu. The treatment also examines models of many types in which Walras's influence is explicitly acknowledged.

Author: Jeremy B. Rudd
Publisher: Cambridge University Press
ISBN: 1009465783
Category : Business & Economics
Languages : en
Pages : 323

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Book Description
The gulf between macroeconomic theory and macroeconomic practice has never been greater. This book bridges that gap.

Author: Robert A. Cord
Publisher: Springer Nature
ISBN: 1137568127
Category : Business & Economics
Languages : en
Pages : 601

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Book Description
A significant part of economics as we know it today is the outcome of battles that took place in the post-war years between Keynesians and monetarists. In the US, the focus of these battles was often between the neo-Keynesians at the Massachusetts Institute of Technology (MIT) and the Chicago monetarists. The undisputed leader of the MIT Keynesians was Paul A. Samuelson, one of the most influential economists of the 20th century and arguably of all time. Samuelson’s output covered a vast number of subjects within economics, the quality of theseoften pioneering contributions unmatched in the modern era. The volume focuses both on how Samuelson’s work has been developed by others and on how that work fits into subsequent developments in the various fields of speciality within which Samuelson operated.

Author: W. D. A. Bryant
Publisher: World Scientific
ISBN: 9812818359
Category : Business & Economics
Languages : en
Pages : 492

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Book Description
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."

Author: Donald J. Brown
Publisher: Springer Nature
ISBN: 3030595129
Category : Business & Economics
Languages : en
Pages : 88

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Book Description
This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past and unpredictable events in our future. The defining property of Black Swan random events is that they are unpredictable, i.e., highly unlikely random events. In this text, Mandelbrot’s (1972) operational definition of risky random unpredictable events is extended to Black Swan assets – assets for which the cumulative probability distribution or conditional probability distribution of random future asset returns is a power distribution. Ambiguous assets are assets for which the uncertainties of future returns are not risks. Consequently, there are two disjoint classes of Black Swan assets: Risky Black Swan assets and Ambiguous Black Swan assets, a new class of ambiguous assets with unpredictable random future outcomes. The text is divided into two parts, the first of which focuses on affective moods, introduces affective utility functions and discusses the ambiguity of Black Swans. The second part, which shifts the spotlight to affective equilibrium in asset markets, features chapters on affective portfolio analysis and Walrasian and Gorman Polar Form Equilibrium Inequalities. In order to gain the most from the book, readers should have completed the standard introductory graduate courses on microeconomics, behavioral finance, and convex optimization. The book is intended for advanced undergraduates, graduate students and post docs specializing in economic theory, experimental economics, finance, mathematics, computer science or data analysis.

Author: Christopher P. Chambers
Publisher: Cambridge University Press
ISBN: 1316495434
Category : Business & Economics
Languages : en
Pages : 241

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Book Description
Pioneered by American economist Paul Samuelson, revealed preference theory is based on the idea that the preferences of consumers are revealed in their purchasing behavior. Researchers in this field have developed complex and sophisticated mathematical models to capture the preferences that are 'revealed' through consumer choice behavior. This study of consumer demand and behavior is closely tied up with econometrics (especially nonparametric econometrics), where testing the validity of different theoretical models is an important aspect of research. The theory of revealed preference has a very long and distinguished tradition in economics, but there was no systematic presentation of the theory until now. This book deals with basic questions in economic theory, such as the relation between theory and data, and studies the situations in which empirical observations are consistent or inconsistent with some of the best known theories in economics.

Author: Erald Kolasi
Publisher: NYU Press
ISBN: 1685900925
Category : Political Science
Languages : en
Pages : 394

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Book Description
A comprehensive blueprint for a new post-capitalist order—which values our collective future over immediate economic gains The fate of all economic systems is written in the energy flows they obtain from the natural world. Our collective humanity very much depends on nature—for joy, for comfort, and for sheer survival. In his prescient new book, The Physics of Capitalism, Erald Kolasi explores the deep ecological physics of human existence by developing a new theoretical framework for understanding the relationship between economic systems and the wider natural world. Nature is full of complex and dynamic systems that are constantly interacting with our societies. The collective physical interactions of the natural world guide and forge many fundamental features of human societies and civilizations. Humanity does not exist on a magical pedestal above the rest of reality; we are just one slice in a grand continuum of physical systems that interact, combine, and transform over time. We too belong to the natural world. And it’s this critical fact that controls the long-term fate of our economies and civilizations. Among all the living organisms that have called this blue marble home, humans are a very recent species. In that short period of time, we have managed to become one of the most dominant life forms in the history of the planet, creating powerful civilizations with elaborate cultures, large populations, and extensive trade networks. We have been nomads and farmers, scientists and lawyers, nurses and doctors, welders and blacksmiths. Our achievements are both astonishing and unprecedented, but they also carry great risks. Throughout history, economic growth has depended heavily on people converting more energy from their natural environments and concentrating the resulting energy flows towards the application of specific tasks. The economic and demographic growth of human civilization over the last ten thousand years has profoundly impacted natural ecosystems throughout the planet, triggering major instabilities across the biosphere that threaten to reverberate on civilization and to destabilize its long-term trajectory. Swamped with multiple ecological challenges of historic proportions, global civilization now stands at a critical tipping point that deserves closer scrutiny. If we are to have any hope of addressing the difficult challenges we face, then we must begin by understanding them and appreciating their complexity. And then, we must act. This book offers a comprehensive blueprint for our collective future, pointing the way to a new post-capitalist order that can provide long-term viability and stability for human civilization on a global scale.

Author: N. Hart
Publisher: Springer
ISBN: 1137029757
Category : Business & Economics
Languages : en
Pages : 390

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Book Description
Alfred Marshall and Modern Economics re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time.