Download or read book Pareto Optimality and Competitive Equilibrium in a General Equilibrium Model of Economic Growth written by Mohamed A. El-Hodiri and published by . This book was released on 1969 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book General Equilibrium Overlapping Generations Models and Optimal Growth Theory written by Truman F. Bewley and published by Harvard University Press. This book was released on 2009-07-01 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
Download or read book Existence and Optimality of Competitive Equilibria written by Charalambos D. Aliprantis and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is a systematic exposition of the authors' research on general equi librium models with an infinite number of commodities. It is intended to serve both as a graduate text on aspects of general equilibrium theory and as an introduction, for economists and mathematicians working in mathematical economics, to current research in a frontier area of general equilibrium theory. To this end, we have pro vided two introductory chapters on the basic economic model and the mathematical framework. The exercises at the end of each section complement the main exposition. Chapter one is a concise but substantiative discussion of the questions of exis tence and optimality of competitive equilibria in the Walrasian general equilibrium model of an economy with a finite number of households, firms and commodities. Our extension of this model to economies with an infinite number of commodities constitutes the core material of this book and begins in chapter three. Readers fa miliar with the Walrasian general equilibrium model as exposited in (13], [23] or [52] may treat chapter one as a handy reference for the main economic concepts and notions that are used throughout the book.
Download or read book Competitive Equilibrium written by Bryan Ellickson and published by Cambridge University Press. This book was released on 1993 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of general equilibrium theory represents one of the greatest advances in economic analysis in the latter half of the twentieth century. This book, intended for advanced undergraduates and graduate students, provides a broad introduction to competitive equilibrium analysis with an emphasis on concrete applications. The first three chapters are introductory in nature, paving the way for the more advanced second half of the book. Relative to the competition, it is much more 'user friendly' while offering exceptionally broad coverage of topics. Well-designed and interesting applications help to make potentially abstract material more accessible. The book includes 92 illustrations and nearly 200 exercises.
Download or read book Theory of General Economic Equilibrium written by Trout Rader and published by Academic Press. This book was released on 2014-05-10 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of General Economic Equilibrium provides information pertinent to the general economic equilibrium theory. This book covers a variety of topics, including efficiency, economic systems analysis, welfare economics, and international trade. Organized into three parts encompassing eight chapters, this book begins with an overview of the theory of efficient production and growth where consumer preferences play a subordinate role. This text then examines that for the case where preferences satisfy appropriate conditions, efficiency theory is superseded as normative analysis by optimality theory. Other chapters consider the optimization of consumer preferences that leads to the decline of many families. This book discusses as well the existence of equilibrium, which is of importance to both normative and positive economics. The final chapter deals with the question of the speed with which the economic system attains its equilibrium state, which is assumed to be stationary. This book is a valuable resource for professional economists and advanced graduate students in economics.
Download or read book General Equilibrium Growth and Trade written by Jerry R. Green and published by Academic Press. This book was released on 2014-05-10 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research, namely, international trade, economic growth, and general equilibrium theory. This book highlights the main aspects of McKenzie's work. Organized into three parts encompassing 21 chapters, this book begins with an overview of the regularizing effects of aggregation over nonregular microrelations. This text then examines the theory of a multiperiod monopolist incurring nonseparable labor adjustment costs, which is developed when investment is irreversible. Other chapters consider the behavior of a price-maker in a competitive market as a preliminary step to a more complete analysis of pure competition. This book discusses as well the effects of uncertainty on optimal decisions, which constitutes an increasingly essential area of economic research. The final chapter deals with the general equilibrium macroeconomic model. This book is a valuable resource for economists and economic theorists.
Download or read book Economic Efficiency written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-04-07 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economic Efficiency In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts:Allocative or Pareto efficiency: any changes made to assist one person would harm another.Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economic efficiency Chapter 2: Economics Chapter 3: Keynesian economics Chapter 4: Microeconomics Chapter 5: Neoclassical economics Chapter 6: Perfect competition Chapter 7: Pareto efficiency Chapter 8: General equilibrium theory Chapter 9: Market failure Chapter 10: New Keynesian economics Chapter 11: Economic globalization Chapter 12: Production-possibility frontier Chapter 13: Welfare economics Chapter 14: Allocative efficiency Chapter 15: Economic problem Chapter 16: Productive efficiency Chapter 17: Schools of economic thought Chapter 18: Neoclassical synthesis Chapter 19: New classical macroeconomics Chapter 20: Economic growth Chapter 21: Profit (economics) (II) Answering the public top questions about economic efficiency. (III) Real world examples for the usage of economic efficiency 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 Economic Efficiency.
Download or read book General Equilibrium Analysis written by Monique Florenzano and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. The objective of General Equilibrium Analysis is to give to each problem in each framework the most general solution, at least for the present state of art. The intended readers are graduate students, specialists and researchers in economics, especially in mathematical economics. The book is appropriate as a class text, or for self-study.
Download or read book Price Implications of Pareto Optimality in a Dynamic General Equilibrium Economic Model written by Mohamed A. El-Hodiri and published by . This book was released on 1969 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Welfare and Uncertainty written by Mukul Majumdar and published by . This book was released on 2009 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the fundamental themes in economic theory is the study of the role of prices in achieving an optimal allocation of resources in a competitive, decentralized economy. The book begins with a review of the basic results on the rigorous elaboration of the Walras-Pareto theory (following the lead of Arrow and Debreu) in the context of a static economy with many agents. It summarizes some subsequent research in which the limits of the price-mechanism as a successful coordination device are recognized. When economic activity is allowed with no pre-assigned terminal period, the two fundamental theorems linking competitive equilibrium allocations to Pareto optimality are challenged and the question of decentralization is carefully re-examined. With incomplete markets, and sequential trading, the concept of a Radner equilibrium is next introduced, and some of the striking properties of this are summarized. In a large economy with random shocks to preferences and/or endowments of individual agents, the implications of the celebrated laws of probability theory are explored. This book provides a clear and comprehensive analysis of the efficiency properties of general equilibrium, with many agents and an expanded list of commodities. It will be of particular interest to postgraduate and doctorate students of economic theory as well as scholars on Walrasian equilibrium, Pareto optimality and uncertainty theories.
Download or read book General Equilibrium with Increasing Returns written by Antonio Villar and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book on general equilibrium in which firms are allowed to exhibit increasing returns to scale (more precisely, in which the convexity of production sets is not assumed). As such, it provides a full fledged general equilibrium model and analyzes the chief questions concerning existence and optimality. Increasing returns is a topic which many economists find it to be simultaneously very imponant, very difficult and very discouraging. It is very important because it refers to a well established technological phenomenon which is essentially incompatible with the functioning of competitive markets. It is very difficult because the standard concepts and tools for the analysis fail (in particular, the supply mappings are not well defined). It is very discouraging because the available models do not seem to solve the basic questions: Normative models where nonconvex firms follow marginal pricing do not achieve efficient outcomes, and positive models cannot incorporate monopolistic competition as a way of defming the behavior of those firms with increasing returns to scale. I would like to think that this monograph will contribute to show that "the increasing returns question" is neither too difficult nor too discouraging. Concerning the difficulty, it will be shown that the analysis can be carried out with essentially the same tools as those applicable to the standard competitive model. As for the relevance of the results available, let me point out the following.
Download or read book Foundations of the Theory of General Equilibrium written by Yves Balasko and published by . This book was released on 1988 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monopolistic Competition and Effective Demand PSME 6 written by Hukukane Nikaido and published by Princeton University Press. This book was released on 2015-03-08 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: While traditional price theory has successfully elucidated national income distribution in a perfectly competitive economy, little is known today about the overall working of a noncompetitive economy. This book moves to remedy the imbalance by sketching a general equilibrium theory of a noncompetitive economy. Developing his theory in the world of the standard Leontief system, Hukukane Nikaido attempts to construct objective demand functions reflecting the interdependence of economic agents in the real world upon which the monopolist's control of prices or output ultimately depends. Originally published in 1975. 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.
Download or read book Dynamics of Industry Growth written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-05-02 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth of a country depends on its industries. The focus of modern growth theory is basically macroeconomics, although neoclassical models use competitive markets and the optimization behavior of households and firms in general equilibrium framework. The emphasis here is on industry growth, where the microfoundations of industry are analyzed in terms of economic efficiency. The various linkages which link firm growth with the industry growth are discerned here under various market structures both competitive and monopolistic. The role of information in facilitating market signals and allowing the adoption of new processes has been especially emphasized in this volume. Many issues of market failure and the suboptimality of competitive equilibria are due to incomplete and imperfect information structures and we need a comprehensive theory of information structures underlying the process of industry growth and its dynamics. This book will be of interest to economists studying economic and industry growth and innovation.
Download or read book Economic Concepts for the Social Sciences written by Todd Sandler and published by Cambridge University Press. This book was released on 2001-09-17 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary purpose of this book is to present some of the key economic concepts that have guided economic thinking in the last century and to identify which of these concepts will continue to direct economic thought in the coming decades. This book is written in an accessible manner and is intended for a wide audience with little or no formal training in economics. It should also interest economists who want to reflect on the direction of the discipline and to learn concepts and achievements in other subfields. The author imparts his enthusiasm for the economic way of reasoning and its wide applicability. Through the abundant use of illustrations and examples, the author makes concepts understandable and relevant. Topics covered include game theory, the new institutional economics, market failures, asymmetric information, endogenous growth theory, general equilibrium, rational expectations, and others.
Download or read book The Evolution of the Concept of a General Competitive Equilibrium written by Mayo Cesar Toruño and published by . This book was released on 1983 with total page 796 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Exchange and Social Organization written by Robert P. Gilles and published by Springer Science & Business Media. This book was released on 1996-09-30 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to develop an institutional approach to general economic equi librium. Thus far, institutional economics has essentially been confined to purely verbal discourse. Here I argue the case that general equilibrium theory forms a well rounded basis for the development of an institutional economic the ory. The fundamental economic trade mechanism underlying this refocusing is that of the Edgeworthian barter mechanism modelled through the equilibrium notion of the core of an economy. There is an extensive literature that links the core with the Walrasian price mechanism, which is explored in this book. Next I develop an alternative model of explicitly nonsovereign trade in the setting of an institutionally structured economy. In this book the core and several of its extensions are considered to be descriptions of the equilibrium allocations resulting from institutionalized barter processes, thereby providing a basis of an institutionally based economic theory. Traditionally finite economies have been assessed as the most natural represen tations of real life economies, in particular of market economies. Many funda mental insights have been developed. In the first half of the book I summarize the most influential and important results in the literature on finite economies regarding the relationship of the Walrasian model of a perfectly competitive market system and the Edgeworthian theory of individually based, pure barter processes. I use the axiomatic method as the main methodological framework according to which I construct my models.
