Finding a walrasian equilibrium is easy for a fixed number of agents [PDF]
, 2011 In this work, we study the complexity of finding a Walrasian equilibrium. Our main result gives an algorithm which can compute an approximate Walrasian equilibrium in an exchange economy with general, but well-behaved, utility functions in time that is ...
Wierman, Adam +3 more
core +1 more source
Money and Credit Coexistence, Excess Capacity, and the Size of Monetary Aggregates
Journal of Money, Credit and Banking, Volume 57, Issue 2-3, Page 477-513, March-April 2025.Abstract This paper develops a model where money is demanded in excess of spending needs. As a result, money coexists with large availabilities of credit and the model explains the levels of monetary aggregates held in modern economies via the endogenous creation of inside money. At the heart of the model, there is a search friction in the goods market,
ALESSANDRO MENNUNI
wiley +1 more source
Resuelve: A Gauss program for solving computable general equilibrium and disequilibrium models [PDF]
This paper describes a GAUSS program that can be used, among other things, to find equilibria for computable general equilibrium models, and fix price equilibria for general non Walrasian models.
Urzúa, Carlos M.
core
Testable implications of general equilibrium models: an integer programming approach. [PDF]
Focusing on the testable implications on the equilibrium manifold, we show that the rationalizability problem is NP-complete. Subsequently, we present an integer programming (IP) approach to characterizing general equilibrium models. This approach avoids
Cherchye, Laurens +2 more
core +3 more sources
Money, form and the determination of value Dinero, forma y determinación del valor
Cuadernos de Economía, 1998 This article seriously considers the form of value as an essential part of Marx's critique of political economy. It shows that this critique is especially relevant with respect to the modern theory of general equilibrium.
Benetti Carlo, Cartelier Jean
doaj
Does Increasing Concentration Hit Poorer Areas More? A Study of Retail Petroleum Markets*
The Journal of Industrial Economics, Volume 73, Issue 1, Page 70-123, March 2025.A central tenet in the field of industrial organisation is that increasing/decreasing market concentration is associated with increased/reduced markups. But does this variation affect every consumer to the same extent? Previous literature finds price dispersion exists even for homogeneous goods, at least partially as a result of heterogeneity in ...
Peter L. Ormosi +3 more
wiley +1 more source
On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces [PDF]
In this paper, we establish two different characterizations of Walrasian expectations allocations by the veto power of the grand coalition in an asymmetric information economy having finitely many agents and states of nature and whose commodity space is ...
Bhowmik, Anuj, Cao, Jiling
core +1 more source
"A Dynamic General Equilibrium Model with Centralized Auction Markets" [PDF]
A conventional wisdom in economics is that a model dealing frictionless markets with a large number of agents always yields a Walrasian outcome. In this paper we assess the above argument in a dynamic framework by modeling centralized auction markets ...
Takashi Shimizu, Kazuya Kamiya
core
Testing the Hayek hypothesis: Recent theoretical and experimental evidence. [PDF]
PLoS One, 2022 Al-Ubaydli O, Boettke P, Albrecht BC.
europepmc +1 more source
Compatible Beliefs and Equilibrium [PDF]
In this paper I investigate the nature of the beliefs which agents must hold (at least implicitly) in order to justify their considering various alternatives, in two distinct settings: the Walrasian model without production (with competitive equilibrium),
David Cass
core