The Flawed Foundations Of General Equilibrium Theory

Author : Frank Ackerman,Alejandro Nadal,Kevin P. Gallagher
Publisher : Routledge
Page : 240 pages
File Size : 50,6 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781135997373

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The Flawed Foundations of General Equilibrium Theory by Frank Ackerman,Alejandro Nadal,Kevin P. Gallagher Pdf

This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.

Author : Frank Ackerman
Publisher : Unknown
Page : 220 pages
File Size : 46,7 Mb
Release : 2004
Category : Equilibrium (Economics)
ISBN : OCLC:300374501

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The Flawed Foundations of General Equilibrium Theory by Frank Ackerman Pdf

Author : Anonim
Publisher : Psychology Press
Page : 220 pages
File Size : 48,5 Mb
Release : 2004
Category : Business & Economics
ISBN : 0415700019

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The Flawed Foundations of General Equilibrium by Anonim Pdf

Does economic theory, and its many practical applications, rest on concrete foundations? Given the influence and prestige afforded to orthodox economic policy advice, apparently the answer is a resounding "yes". Economists Frank Ackerman and Alejandro Nadal present a fundamental challenge to this received wisdom, demonstrating that neither the abstractions of general equilibrium nor their real-world consequences, stand up to logical scrutiny. Themes critically analyzed in this book include: * Economics' assumptions about consumer behavior * Individual choices and the role of money * The Application of economic theory to current debates in globalization, trade and development. The Flawed Foundations of General Equilibrium Theory shows that there are fatal flaws in the standard theoretical model of a market economy. As such it will be an enlightening read for economists throughout the world of all persuasions.

Author : W. D. A. Bryant
Publisher : World Scientific
Page : 492 pages
File Size : 41,7 Mb
Release : 2010
Category : Business & Economics
ISBN : 9789812818348

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General Equilibrium by W. D. A. Bryant Pdf

"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.

Author : Yves Balasko
Publisher : World Scientific
Page : 280 pages
File Size : 48,5 Mb
Release : 2016-05-11
Category : Business & Economics
ISBN : 9789814651721

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Foundations of the Theory of General Equilibrium by Yves Balasko Pdf

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.

Author : Thorsten Hens,Beate Pilgrim
Publisher : Springer Science & Business Media
Page : 313 pages
File Size : 52,5 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781475753172

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General Equilibrium Foundations of Finance by Thorsten Hens,Beate Pilgrim Pdf

The purpose of this book is to give a sound economic foundation of finance. Finance is a coherent branch of applied economics that is designed to understand financial markets in order to give advice for practical financial decisions. This book argues that for a sound economic foundation of finance the famous general equilibrium model which in its modern form emphasizes the incompleteness of financial markets is well suited. The aim of the book is to demonstrate that financial markets can be meaningfully embedded into a more general system of markets including, for example, commodity markets. The interaction of these markets can be described via the well known notion of a competitive equilibrium. We argue that for a sound foundation this competitive equilibrium should be unique. In a first step we demonstrate that this essential goal cannot of be achieved based only on the rationality principle, i. e. on the assumption utility maximization of some utility function subject to the budget constraint. In particular we show that this important lack of structure is disturbing as well for the case of mean-variance utility functions which are the basis of the Capital Asset Pricing Model, one of the cornerstones of finance. The final goal of our book is to give reasonable restrictions on the agents' utility functions which lead to a well determined financial markets model.

Author : P.J. Kalman
Publisher : Springer Science & Business Media
Page : 174 pages
File Size : 45,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642953316

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Some Aspects of the Foundations of General Equilibrium Theory by P.J. Kalman Pdf

In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.

Author : Takashi Suzuki
Publisher : World Scientific
Page : 436 pages
File Size : 47,7 Mb
Release : 2020-09-03
Category : Business & Economics
ISBN : 9789811219634

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Fundamentals Of General Equilibrium Analysis by Takashi Suzuki Pdf

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.

Author : Peter Jason Kalman,Jerry R. Green
Publisher : Unknown
Page : 184 pages
File Size : 52,9 Mb
Release : 1978
Category : Electronic
ISBN : 3642953328

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Some Aspects of the Foundations of General Equilibrium Theory by Peter Jason Kalman,Jerry R. Green Pdf

Author : Ross M. Starr
Publisher : Cambridge University Press
Page : 280 pages
File Size : 45,7 Mb
Release : 1997-07-13
Category : Business & Economics
ISBN : 0521564735

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General Equilibrium Theory by Ross M. Starr Pdf

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.

Author : Ross M. Starr
Publisher : Academic Press
Page : 364 pages
File Size : 52,8 Mb
Release : 2014-05-10
Category : Business & Economics
ISBN : 9781483273518

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General Equilibrium Models of Monetary Economies by Ross M. Starr Pdf

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.

Author : Frank Hahn,Fabio Petri
Publisher : Routledge
Page : 544 pages
File Size : 47,8 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134433629

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General Equilibrium by Frank Hahn,Fabio Petri Pdf

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 : Pascal Bridel
Publisher : Routledge
Page : 200 pages
File Size : 51,9 Mb
Release : 2013-03-01
Category : Business & Economics
ISBN : 9781136719813

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General Equilibrium Analysis by Pascal Bridel Pdf

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.

Author : Yves Balasko
Publisher : Unknown
Page : 358 pages
File Size : 44,5 Mb
Release : 1986
Category : Electronic
ISBN : OCLC:716250972

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Foundations of the Theory of General Equilibrium by Yves Balasko Pdf

Author : Alessandro Citanna,John Donaldson,H. Polemarchakis,Paolo Siconolfi,Stephen Spear
Publisher : Springer Science & Business Media
Page : 278 pages
File Size : 49,6 Mb
Release : 2006-01-11
Category : Business & Economics
ISBN : 9783540271925

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Essays in Dynamic General Equilibrium Theory by Alessandro Citanna,John Donaldson,H. Polemarchakis,Paolo Siconolfi,Stephen Spear Pdf

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.