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Topic: General equilibrium

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Keynesian economics

Microeconomics

	Reference.com/Encyclopedia/General equilibrium
		General equilibrium theory is a branch of theoretical microeconomics.
		Some of the recent work in general equilibrium has in fact explored the implications of incomplete markets, which is to say an intertemporal economy with uncertainty, where there do not exist sufficiently detailed contracts that would allow agents to fully allocate their consumption and resources through time.
		General equilibrium models show what the economy would have to be like for an unregulated economy to be Pareto efficient.
	www.reference.com /browse/wiki/General_equilibrium (3688 words)

	Learn more about General equilibrium in the online encyclopedia. (Site not responding. Last check: )
		General equilibrium theory is a branch of theoretical microeconomics.
		The modern conception of general equilibrium is provided by a model developed jointly by Kenneth Arrow and Gerard Debreu in the 1950s.
		General equilibrium models show what the economy would have to be like for an unregulated economy to be Pareto efficient.
	www.onlineencyclopedia.org /g/ge/general_equilibrium.html (1825 words)

	Nash Equilibrium
		A Nash Equilibrium is a set of mixed strategies for finite, non-cooperative games between two or more players whereby no player can improve his or her payoff by changing their strategy.
		Other academic theorists used the concept of 'equilibrium' in the 19th century (Maxwell, Walrus, Gibbs), for chemical and economic equilibrium in the early stages of the 20th century (van der Waals, Onnes, Keynes) before Nash used it in the middle of the 20th century.
		Equilibrium theory struggles to satisfy academic standards in contemporary social sciences (and economics), which require a double hermeneutical approach (Radder, 2003) in addition to the explanatory method given by the mathematical sciences, by neo-classical economics, and even in the new technological sciences.
	www.iscid.org /encyclopedia/Nash_Equilibrium (1153 words)

	General Equilibrium
		To express the equilibrium, the equilibrium constant expression (Kc) is used.
		The equilibrium constant expression can be found by multiplying the equilibrium concentrations of the products raised to their coefficient powers and dividing by the equilibrium concentration of the reactants raided to their coefficient powers.
		Notice also that the equilibrium constant expression for Equation #2 is the reciprocal of the equilibrium constant expression for Equation #1.
	www.cofc.edu /genchemlab/equilibrium.htm (558 words)

	Ars Mathematica » Economics
		I was doing some more reading on general equilibrium, when I came across, which pointed me to On the Fundamental Theorems of General Equilibrium by Maskin and Roberts, which gives a succinct proof of the existence of general equilibrium, as well as the two subsidiary results known as the first and second welfare theorems.
		The basic model in economics of the economy as a whole is that of general equilibrium (GE).
		General equilibrium is a model of the economy where goods are traded for money which are traded for goods.
	www.arsmathematica.net /archives/category/economics (1161 words)

	Hussman Funds - Weekly Market Comment: September 7, 2003 - General Equilibrium
		Partial equilibrium allows us to examine the effect of a change in the supply or demand in a given market, on the assumption that other conditions in the economy are held constant.
		General equilibrium is why there is no such thing as government stimulus, assuring that fiscal and monetary interventions must always take the form of redistributions and reallocations, which are only stimulative if those policies ease some constraint that is binding.
		General equilibrium is why the currency and government securities produced by these reallocations represent not aggregate wealth, but claims of some members of society on the future production of others.
	www.hussmanfunds.com /wmc/wmc030907.htm (1802 words)

	Differential Approach to General Equilibrium
		General equilibrium theory aims at studying the equilibrium price vector as a function of the parameters defining the economy; it describes those states in which the independent plans of many agents with conflicting interests are compatible such a state is called an equilibrium.
		The differential approach to general equilibrium theory thus attempts to go beyond the often overstudied existence question, endowing the equilibrium set with a more regular structure and with differentiability assumptions it permits a greater examination of the properties of equilibria that are economically interesting (such as uniqueness).
		The approach adopted by Smale to the study of general economic equilibrium was to put the main results of classical general equilibrium theory in a global calculus context.
	www.maths.tcd.ie /local/JUNK/econrev/ser/html/differential.html (3704 words)

	Sample Chapter for Lengwiler, Y.: Microfoundations of Financial Economics: An Introduction to General Equilibrium Asset ...
		General equilibrium theory, macroeconomics, and asset pricing theory are three fields in economics that have converged more and more over the last thirty years or so.
		General equilibrium theory is an approach to describing the behavior of an economy as a whole by working out the optimal behavior of each member of the set of agents that make up the economy, and looking for a point of mutual compatibility or consistency.
		General equilibrium theory has, however, received a new lease of life through its applications to the theory of macroeconomic fluctuations and the theory of asset pricing.
	press.princeton.edu /chapters/s7724.html (2852 words)

	ECON 856 - Static Optimization and General Equilibrium (Site not responding. Last check: )
		The second part of the course is devoted to static general equilibrium theory.
		The major emphasis is placed on the proof of the existence of a competitive equilibrium and the proof of the classical optimality properties of competitive equilibrium.
		Other topics which may be covered include the computation of equilibrium, non-Walrasian equilibrium theory, n-person game theory and its applications to economic models, monopolistic competition, the Leontief economy, the two-sector general equilibrium model, duality theory, index numbers and aggregation.
	qed.econ.queensu.ca /pub/graduate/856course.php (140 words)

	Applying General Equilibrium - Cambridge University Press (Site not responding. Last check: )
		The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.
		Numerical, empirically based general equilibrium models can then be used to evaluate concrete policy options by specifying production and demand parameters and incorporating data reflective of real economies.
		The authors contend that the Walrasian general equilibrium model provides an ideal framework for appraising the effects of policy changes on resource allocation, assessing who gains and who loses, and the policy impacts not well covered by empirical macro models.
	uk.cambridge.org /catalogue/catalogue.asp?isbn=0521319862 (266 words)

	Amazon.ca: General Equilibrium Analysis : Existence and Optimality Properties of Equilibria: Books: Monique Florenzano (Site not responding. Last check: )
		General Equilibrium Analysis is a systematic exposition of the Walrasian model of economic equilibrium with a finite number of agents, as formalized by Arrow, Debreu and McKenzie at the beginning of the fifties and since then extensively used, worked and studied.
		Existence and optimality of general equilibrium are developed repeatedly under different sets of hypothesis which define some general settings and delineate different approaches to the general equilibrium existence problem.
		The final chapter is devoted to the extension of the general equilibrium model to economies defined on an infinite dimensional commodity space.
	www.amazon.ca /General-Equilibrium-Analysis-Optimality-Properties/dp/140207512X (458 words)

	[No title] (Site not responding. Last check: )
		A dynamic general equilibrium model is constructed to examine the impact of mass immigration on capital accumulation in life-cycle economies.
		The model economies are populated by agents of overlapping generations with limited lifetimes, and are subjected to a series of migration shocks.
		This paper develops a computable dynamic general equilibrium model in which corporate demand for liquidity is endogenously determined.
	www.lycos.com /info/general-equilibrium--dynamic-general-equilibrium.html (677 words)

	Frontiers in Applied General Equilibrium Modeling
		Scarf's research agenda of making the elegant theoretical general equilibrium models fully operational, implementable with actual data, and useful to practitioners such as policy makers is relevant to all theoretical models of economics.
		It is a fascinating recapitulation of the intellectual history of general equilibrium theory and its use in AGE.
		These questions range from the observations that the particular equilibrium structure and functional forms used will, to a large degree, predetermine the results and that the key parameter values used (especially elasticities) are known with little certainty to the claim that there has been little or no ex post validation of model projections.
	aida.econ.yale.edu /news/srinivasan/frontiers.htm (7174 words)

	Sample Chapter for Lengwiler, Y.: Microfoundations of Financial Economics: An Introduction to General Equilibrium Asset ...
		General equilibrium theory, macroeconomics, and asset pricing theory are three fields in economics that have converged more and more over the last thirty years or so.
		General equilibrium theory is an approach to describing the behavior of an economy as a whole by working out the optimal behavior of each member of the set of agents that make up the economy, and looking for a point of mutual compatibility or consistency.
		General equilibrium theory has, however, received a new lease of life through its applications to the theory of macroeconomic fluctuations and the theory of asset pricing.
	www.pupress.princeton.edu /chapters/s7724.html (2852 words)

	General Equilibrium Theory - Cambridge University Press (Site not responding. Last check: )
		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.
		General equilibrium of the market economy with unbounded technology and an excess demand function; Part D. Welfare Economics: 12.
		General equilibrium of the market economy with an excess demand correspondence; Part H. Conclusion: 18.
	uk.cambridge.org /catalogue/catalogue.asp?isbn=0521564735 (447 words)

	[No title]
		The purpose of this manual is to contribute to and facilitate the use of computable general equilibrium (CGE) models in the analysis of issues related to food policy in developing countries.
		Insurance aspects of tax policies are studied in a simple intertemporal general equilibrium model in which agents are uncertain about both the future wage rates and the rate of return on capital.
		Taxation and lump-sum subsidy policies generally reduce employment, output, and the capital stock but, nonetheless, they can be structured to provide Pareto improvements on the incomplete market equilibrium.
	lycos.cs.cmu.edu /info/general-equilibrium--computable-general-equilibrium.html (680 words)

	Computable general equilibrium models (Site not responding. Last check: )
		Using the methods, which have traditionally been used for transport policy analysis, it is difficult to assess correctly these essentially general equilibrium effects.
		However, in recent years advances in the theory and practice of Computable General Equilibrium (CGE) modeling have con-siderably facilitated the quantification of general equilibrium effects.
		It is therefore pertinent and timely to consider whether in the context of transport policy analyses the importance of being able to evaluate general equilibrium effects can justify the added complication of using general equilibrium rather than partial equilibrium approaches.
	www.dtf.dk /sw10799.asp (295 words)

	Chapter 16: Chemical Equilibrium: General Concepts
		4. To calculate the equilibrium constant from experimental data on the percent of reaction, the concentration of the reactant that actually undergoes the process, or the equilibrium concentrations of each species in the system.
		the equilibrium does shift to the left, and the concentrations of hydrogen and iodine gases are less than they were after the extra iodine was added.
		4. Remember that an equilibrium expression is not a true equality unless all of the concentration values used are equilibrium concentrations.
	www.fairbornchempage.com /Ap/Objectives/apobj16.htm (436 words)

	Chemical Equilibria: Basic Concepts (Site not responding. Last check: )
		applies to an equilibrium expression written in terms of partial pressures (with units of atm).
		The equilibrium constant characterizes the "position" of the equilibrium.
		The larger the equilibrium constant, the more the equilibrium favors products; the smaller the equilibrium constant, the more the equilibrium favors reactants.
	www.chm.davidson.edu /ChemistryApplets/equilibria/BasicConcepts.html (402 words)

	SSRN-Imperfect Competition, General Equilibrium And Unemployment by Hans Gersbach, Achim Schniewind
		We consider a general equilibrium model where firms in one sector compete a la Cournot and a real wage rigidity leads to unemployment.
		If firms consider only partial equilibrium effects when choosing quantities, the observation of general equilibrium feedback effects will lead to repeated quantity adjustments until a steady state is reached.
		When labor is immobile across industries, unempolyment in the steady state is lower than when all general equilibrium effects are incorporated at once.
	papers.ssrn.com /abstract=269457 (309 words)

	A Primer in Dynamic General Equilibrium Analysis
		The appeal of dynamic general equilibrium models for policy simulation is apparent, and yet there exist virtually no systematic introduction to these techniques.
		Having defined uncompensated demand functions, we now may characterize the equilibrium conditions in terms of three classes of equations: (i) zero profit conditions for all constant returns activities, (ii) market clearance conditions for all goods and factors, and (iii) income balance equations relating factor income to expenditure.
		A disadvantage of the approach is that the added constraint is non-integrable so this method is most useful for dynamic general equilibrium models formulated as complementarity problems.
	www.mpsge.org /primer/paper.htm (5957 words)

	The Book Pl@ce: Title Detail
		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'.
		Michio Morishima General Equilibrium and The Destiny of Capitalism a la Schumpeter 14.
	www.thebookplace.com /bookplace/display.asp?K=183457830390995&aub=Petri&m=36&dc=36 (341 words)

	EconLog, General Equilibrium: The Reality Series, Bryan Caplan: Library of Economics and Liberty
		In practice, the main use of general equilibrium theory is to torture first-year graduate students with the hardest math they'll never use again (unless they go on to teach it themselves!).
		The deep lesson of general equilibrium theory is that markets are inter-connected in countless subtle ways.
		The only way in which a general equilibrium result can be proved at all involves making very restrictive assumptions which effectively iron out all the differences between commodities.
	econlog.econlib.org /archives/2005/08/general_equilib.html (697 words)

	The Structure of Applied General Equilibrium Models - The MIT Press (Site not responding. Last check: )
		General equilibrium and AGE modeling are both active fields of research.
		The Structure of Applied General Equilibrium Models bridges that gap through a comprehensive analysis of the theoretical underpinnings of the applied models.
		Victor Ginsburgh is Professor of Economics at the Université Libre de Bruxelles and at the Center for Operations Research and Econometrics (CORE) at the Université Catholique de Louvain.
	mitpress.mit.edu /catalog/item/default.asp?ttype=2&tid=8385 (242 words)

	Working paper (Site not responding. Last check: )
		Focusing on the impact of tuition policy, and using estimates from our dynamic overlapping generations general equilibrium model of capital and human capital formation, we find that general equilibrium impacts of tuition on college enrollment are an order of magnitude smaller than those reported in the literature on microeconomic treatment effects.
		The assumptions used to justify the LATE parameter in a partial equilibrium setting do not hold in a general equilibrium setting.
		We extend the LATE concept to a general equilibrium setting.
	www.eerc.ru /details/WorkingPaper.aspx?handle=RePEc:nbr:nberwo:6426 (150 words)

	SSRN-Awareness of General Equilibrium Effects and Unemployment by Hans Gersbach, Achim Schniewind (Site not responding. Last check: )
		We examine wage-bargaining in a two-sector economy when employers and labor unions in each sector are not always aware of all general equilibrium feedback effects.
		If all general equilibrium effects are considered at once, low real wages and low unemployment again result.
		Gersbach, Hans and Schniewind, Achim, "Awareness of General Equilibrium Effects and Unemployment" (November 2001).
	papers.ssrn.com /abstract=290901 (314 words)

	Frontiers in Applied General Equilibrium Modeling - Cambridge University Press
		Solving dynamic stochastic competitive general equilibrium models Kenneth L. Judd; 4.
		General equilibrium modeling for global climate change Alan S. Manne; Part V. General Equilibrium Restrictions and Estimation of Hedonic Models: 12.
		An evaluation of the performance of applied general equilibrium models of the impact of NAFTA Timothy J. Kehoe; 14.
	www.cambridge.org /catalogue/catalogue.asp?isbn=0521825253 (469 words)

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