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Uncertainty and General Equilibrium
1987One of the notable intellectual achievements of economic theory during the past years has been the rigorous elaboration of the Walras-Pareto theory of value; that is, the theory of the existence and optimality of competitive equilibrium. Although many economists and mathematicians contributed to this development, the resulting edifice owes so much to ...
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existence of general equilibrium
1987Leon Walras provided in his Elements d’economie politique pure (1874–7) an answer to an outstanding scientific question raised by several of his predecessors. Notably, Adam Smith had asked in An Inquiry into the Nature and Causes of the Wealth of Nations (1776) why a large number of agents motivated by self-interest and making independent decisions do ...
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2008
The general equilibrium theory of value, as developed by Walras (1874–77) and his followers, determines the relative prices of goods in terms of non-monetary factors such as technology, preferences, and endowments. Monetary factors are used to determine the nominal price level once relative prices have been determined. Relative prices are determined by
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The general equilibrium theory of value, as developed by Walras (1874–77) and his followers, determines the relative prices of goods in terms of non-monetary factors such as technology, preferences, and endowments. Monetary factors are used to determine the nominal price level once relative prices have been determined. Relative prices are determined by
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Partial Equilibrium Thinking in General Equilibrium
SSRN Electronic Journal, 2019We develop a theory of “Partial Equilibrium Thinking” (PET), whereby agents fail to understand the general equilibrium consequences of their actions when inferring information from endogenous outcomes. PET generates a two-way feedback effect between outcomes and beliefs, which can lead to arbitrarily large deviations from fundamentals.
Bastianello, Francesca +1 more
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, 2007 Contrairement aux analyses d'équilibre partiel qui étudient le fonctionnement d'un marché particulier sous l'hypothèse que les revenus des agents et les prix sur les autres marchés resteront approximativement constants, l'ambition d'un modèle d'équilibre général est de permettre d'étudier l'équilibre simultané sur tous les marchés d'une économie ...
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2003
In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate.
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In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate.
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Equilibrium and non-equilibrium turbulent boundary layers
Progress in Aerospace Sciences, 2022K Todd Lowe
exaly