General Equilibrium Foundation Of Partial Equilibrium Analysis
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General Equilibrium Foundation Of Partial Equilibrium Analysis
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Author : Takashi Hayashi
language : en
Publisher: Springer
Release Date : 2017-07-27
General Equilibrium Foundation Of Partial Equilibrium Analysis written by Takashi Hayashi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-27 with Business & Economics categories.
This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.
Applied General Equilibrium
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Author : Manuel Alejandro Cardenete
language : en
Publisher: Springer
Release Date : 2017-08-02
Applied General Equilibrium written by Manuel Alejandro Cardenete and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-02 with Business & Economics categories.
This advanced textbook provides a straightforward but comprehensive introduction to applied general equilibrium modeling. General equilibrium is the backbone of modern economic analysis, which is why generation after generation of economics students have been introduced to it. As an analytical tool, general equilibrium can provide one of the most complete views of a given economy, as it incorporates all economic agents (households, firms, government and the foreign sector) in an integrated way that explicitly reveals the interplay of economic forces—supply and demand—and the balancing role of prices. Applied general equilibrium goes one step further in modeling, since it entails the integration of microeconomic theory, data handling and computing. This integration is essential for successful empirical modeling, but also involves various abilities that are not found in standard books. This book fills the gap, providing advanced students with the required tools, from the construction of consistent and applicable general equilibrium models to the interpretation of the results that ensue from the adoption of policies. This second edition expands the range of topics covered, including: indispensable general equilibrium theory, step-by-step model design, incremental model extensions, a wealth of sample computer code, procedures for constructing economic databases, database adjustments and database updating algorithms, numerical model calibration, policy strategies and their trade-offs and welfare effects, and a discussion of empirical policy examples.
Microeconomic Theory For The Social Sciences
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Author : Takashi Hayashi
language : en
Publisher: Springer Nature
Release Date : 2021-07-21
Microeconomic Theory For The Social Sciences written by Takashi Hayashi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-21 with Mathematics categories.
This textbook covers microeconomic theory at the level of intermediate and advanced undergraduates. It is also intended as an introduction for those with other intellectual and academic backgrounds who may not necessarily agree with “mainstream” economists but at least are interested knowing how they think and see things. The book provides thorough explanations of definitions and assumptions that the theory is based upon. It provides comprehensive accounts of motivations and reservations behind the theory. As well, it precisely presents the logical process of how the assumptions lead to the conclusion, conveying the intuition and the key of the arguments. An abundance of topics is included here: individual choice, general equilibrium, partial equilibrium, game theory, imperfect competition, transaction under incomplete information, market failures, welfare economics, social choice and mechanism design. The book is a valuable resource for any reader studying or simply interested in microeconomic theory.
Fundamentals Of General Equilibrium Analysis
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Author : Takashi Suzuki
language : en
Publisher: World Scientific
Release Date : 2020-09-03
Fundamentals Of General Equilibrium Analysis written by Takashi Suzuki and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-03 with Business & Economics categories.
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 Optimality Of Arbitrary Partial Equilibrium Welfare Analysis
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Author : Marc Duhamel
language : en
Publisher:
Release Date : 2006
The Optimality Of Arbitrary Partial Equilibrium Welfare Analysis written by Marc Duhamel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper characterizes the general equilibrium foundation of arbitrary partial equilibrium welfare analysis in second-best economies. While prior theory recognizes the importance of market distortions affected by relative price changes, it offers little guidance about the necessary scope of Marshallian partial equilibrium analysis. The paper determines necessary and sufficient conditions for optima of Marshallian total surplus functions to characterize second-best Pareto-optimal allocations. While these conditions confirm much of the traditional approach to applied welfare economics, they bring doubt about its reliability for public policy and concerns over its systematic use to build conventional economic wisdom.
General Equilibrium Analysis
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Author : E. Roy Weintraub
language : en
Publisher: University of Michigan Press
Release Date : 1993
General Equilibrium Analysis written by E. Roy Weintraub and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
A profound, innovative, and lively exploration of the nature of the theory at the very center of economics
General Equilibrium
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Author : W. D. A. Bryant
language : en
Publisher: World Scientific
Release Date : 2010
General Equilibrium written by W. D. A. Bryant and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
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."
General Equilibrium Theory
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-03-26
General Equilibrium Theory written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-26 with Business & Economics categories.
What is General Equilibrium Theory In economics, the general equilibrium theory seeks to explain the behavior of supply, demand, and prices in a whole economy that contains several or many markets that interact with one another. This is accomplished by attempting to demonstrate that the interaction of demand and supply will result in an overall general equilibrium. The theory of general equilibrium stands in contrast to the theory of partial equilibrium, which performs an analysis of a particular component of an economy while maintaining the status quo for all other aspects of the economy. Constant influences are deemed to be noneconomic, or, to put it another way, thought to be beyond the scope of economic study, when the economy is described as being in general equilibrium. The noneconomic impacts, on the other hand, are subject to change in response to changes in the economic factors; hence, the accuracy of the forecast made by an equilibrium model may be contingent on the independence of the economic components from the noneconomic ones. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: General equilibrium theory Chapter 2: Neoclassical economics Chapter 3: Perfect competition Chapter 4: Léon Walras Chapter 5: Welfare economics Chapter 6: Gérard Debreu Chapter 7: Edgeworth box Chapter 8: Arrow-Debreu model Chapter 9: Fundamental theorems of welfare economics Chapter 10: Walrasian auction Chapter 11: Walras's law Chapter 12: David Cass Chapter 13: Sonnenschein-Mantel-Debreu theorem Chapter 14: Lionel W. McKenzie Chapter 15: Competitive equilibrium Chapter 16: Mathematical economics Chapter 17: Roy Radner Chapter 18: Jacques Drèze Chapter 19: Disequilibrium macroeconomics Chapter 20: Excess demand function Chapter 21: Abstract economy (II) Answering the public top questions about general equilibrium theory. (III) Real world examples for the usage of general equilibrium theory in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of General Equilibrium Theory.
General Equilibrium Analysis
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Author : David Simpson
language : en
Publisher: John Wiley & Sons
Release Date : 1975
General Equilibrium Analysis written by David Simpson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Business & Economics categories.
Foundations Of The Theory Of General Equilibrium
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Author : Yves Balasko
language : en
Publisher:
Release Date : 1988
Foundations Of The Theory Of General Equilibrium written by Yves Balasko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.