General Equilibrium : Theory And Evidence.

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: 'Does the pursuit of private interest, throu...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Formato: Electrónico eBook
Idioma:Inglés
Publicado: World Scientific 2009.
Temas:
Equilibrium (Economics)
Electronic resource.
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover13;
  • CONTENTS
  • Preface
  • Acknowledgements
  • Chapter 1: General Equilibrium Theory
  • 1.1. Introduction
  • 1.2. A brief outline of the general equilibrium research program
  • 1.3. Some applications of general equilibrium theory
  • 1.3.1. Equilibrium unemployment
  • 1.3.2. The gains from international trade
  • 1.3.3. New-classical economics and the possibility of policy
  • 1.3.4. Economies in transition
  • 1.4. Conclusion
  • Chapter 2: Existence of Equilibrium
  • 2.1. Introduction
  • 2.2. Basic ideas, definitions and views about existence
  • 2.2.1. Is equilibrium likely?
  • 2.3. Sufficient conditions for the existence of equilibrium
  • 2.3.1. Interior endowments and 8216;survival without trade
  • 2.3.2. Why the need for such an unreasonable condition?
  • 2.3.3. The quasi-equilibrium approach
  • 2.3.4. Irreducibility and group survival with trade
  • 2.4. Conclusion
  • Chapter 3: Existence of Equilibrium
  • 3.1. Introduction
  • 3.2. A necessary condition for existence
  • 3.3. Necessary and su.cient conditions for existence
  • 3.3.1. W-arbitrage
  • 3.3.2. No unbounded arbitrage
  • 3.3.3. Limited arbitrage
  • 3.3.4. DLVM-limited arbitrage
  • 3.3.5. Inconsequential arbitrage
  • 3.3.6. Bounded arbitrage
  • 3.3.7. Le Van-Minh no-arbitrage price
  • 3.4. Conclusion
  • Chapter 4: Equilibrium and Irreducibility
  • 4.1. Introduction
  • 4.2. Reducible Economies
  • 4.3. Evidence on Irreducibility from Unemployment and Wage Elasticity Data
  • 4.4. Some Policy Implications
  • 4.5. Conclusion
  • Chapter 5: Existence of Equilibrium Under Alternative Income Conditions
  • 5.1. Introduction
  • 5.2. Some 8216;policy induced existence results
  • 5.2.1. Endowment taxes
  • 5.2.2. Taxes and general consumption sets
  • 5.2.3. Profit share redistributions
  • 5.2.4. The Gale8211;Mas-Colells theorem with an explicit income function
  • 5.2.5. Tax-transfers and 8216;patching irreducibility
  • 5.3. Voluntary transfers, altruism and the existence of Walrasian equilibrium
  • 5.4. Conclusion
  • Chapter 6: Existence of Walrasian Equilibrium in Some Non8211;Arrow-Debreu Environments
  • 6.1. Introduction
  • 6.2. Existence of equilibrium in temporary equilibrium
  • 6.3. A general equilibrium monetary economy
  • 6.4. A 8216;Keynesian economy
  • 6.5. Conclusion
  • Chapter 7: Uniqueness of Equilibrium
  • 7.1. Introduction
  • 7.2. Conditions for the uniqueness of Walrasian equilibrium
  • 7.2.1. The index theorem approach
  • 7.2.2. Gross substitutes, the weak axiom, diagonal dominance and the Gale property
  • 7.2.3. Uniqueness with production
  • 7.2.4. Special structure on preferences and technologies
  • 7.2.5. The Sonnenschein-Mantel-Debreu result
  • 7.3. Uniqueness via adjustment processes
  • 7.3.1. Exploiting regularity and boundary conditions
  • 7.3.2. Exploiting contraction mappings
  • 7.4. The size of the equilibrium set
  • 7.4.1. 8216;Small finite or 8216;large finite?
  • 7.4.2. The measure, density and likelihood of equilibrium prices
  • 7.5. Conclusion
  • Chapter 8: Stability of Equilibrium
  • 8.1. Introduction
  • 8.2. Some adjustment processes and their convergence properties
  • 8.2.1. Basic concepts and ideas
  • 8.2.2. Classical tatonnement
  • 8.2.3. A stability-information tradeoff
  • 8.2.4. Discrete time adjustment processes
  • 8.2.5. Simplical algorit.

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