Nonparametric Comparative Statics and Stability

Nonparametric Comparative Statics and Stability
Author: Douglas Hale
Publisher: Princeton University Press
Total Pages: 253
Release: 2014-07-14
Genre: Mathematics
ISBN: 1400865034

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The authors, leading researchers in the fields of mathematical economics and methodology, present the first comprehensive synthesis of literature on qualitative and other nonparametric techniques, which are important elements of comparative statics and stability analysis in economic theory. The topics covered show how to assess the comparative statics and stability of economic models without a precise quantitative knowledge of all model components. Applications of the analysis range from determining refutable hypotheses from theory to auditing the solutions of large, computer-based systems. This book discusses in depth the methodology involved in a nonparametric analysis of many neoclassical economic models. Constituting a virtually self-contained manual on such analysis, it provides detailed derivation of necessary and sufficient conditions for the existence of restrictive comparative statics and stability results for a range of specified models. Further, algorithms for applying certain of these conditions are given, with examples, as well as the underlying mathematical approach taken. A large body of research is unified covering issues that have been dealt with piecemeal in scattered but important journal articles by the authors and others. The book will prove invaluable to mathematical economists, mathematicians specializing in matrix or graph theory, applied economists working with large-scale economic models, and advanced students of economics. Originally published in 1999. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

General Equilibrium

General Equilibrium
Author: W. D. A. Bryant
Publisher: World Scientific
Total Pages: 492
Release: 2010
Genre: Business & Economics
ISBN: 9812818359

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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."

Comparative Statics, Stability, and Uniqueness

Comparative Statics, Stability, and Uniqueness
Author: Finn Christensen
Publisher:
Total Pages: 0
Release: 2015
Genre:
ISBN:

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Consider an economic model whose equilibrium can be represented as the fixed point of a system of differentiable equations. Using the theory of B-matrices, I show that comparative statics are well-behaved if the interactions between the equations are not too large, and the negative interactions are not too varied. When there are only positive interactions, for example when strategic complements prevail in a strategic setting, I prove a version of Samuleson's (1947) Correspondence Principle in that equilibrium is nondecreasing for any positive parameter shock if and only if equilibrium is exponentially stable under discrete time best reply dynamics. If there are only negative interactions, like when strategic substitutes prevail in a game theoretic context, I use the theory of inverse M-matrices to significantly relax Dixit's (1986) conditions under which comparative statics are well-behaved. For every comparative statics result I show that if the conditions apply globally then equilibrium is unique. Applications are provided to differentiated products Cournot oligopoly, market demand with interdependent preferences, and games on fixed networks.

Computational Aspects of General Equilibrium Theory

Computational Aspects of General Equilibrium Theory
Author: Donald Brown
Publisher: Springer Science & Business Media
Total Pages: 204
Release: 2008-01-08
Genre: Business & Economics
ISBN: 3540765913

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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.

Mathematical Reviews

Mathematical Reviews
Author:
Publisher:
Total Pages: 1852
Release: 2005
Genre: Mathematics
ISBN:

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The American Economic Review

The American Economic Review
Author:
Publisher:
Total Pages: 784
Release: 1999
Genre: Economics
ISBN:

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Includes papers and proceedings of the annual meeting of the American Economic Association. Covers all areas of economic research.

Stable Comparative Statics

Stable Comparative Statics
Author: Kai-Sun Kwong
Publisher:
Total Pages: 24
Release: 2002
Genre: Equilibrium (Economics)
ISBN:

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Paul Samuelson

Paul Samuelson
Author: Robert A. Cord
Publisher: Springer Nature
Total Pages: 601
Release: 2020-01-07
Genre: Business & Economics
ISBN: 1137568127

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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.