: Marco Lehmann-Waffenschmidt
: Economic Evolution and Equilibrium Bridging the Gap
: Springer-Verlag
: 9783540686644
: 1
: CHF 47.40
:
: Volkswirtschaft
: English
: 272
: Wasserzeichen/DRM
: PC/MAC/eReader/Tablet
: PDF

This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.

Contents5
1 General Introduction9
2 Notations and Mathematical Preliminaries20
Notations20
Mathematical Preliminaries22
Conceptualization and Definition of Evolutions of Economies in Four General Equilibrium Frameworks32
3 Introduction to Part I33
4 Evolutions in the Traditional Walrasian Exchange Equilibrium Framework35
4.1 Evolutions Based on the Model of an Exchange Economy by Arrow and Hahn36
4.2 Evolutions Based on Dierker’s Version of the Model of an Exchange Economy40
4.3 Evolutions Based on a Model of a Large Exchange Economy43
5 Evolutions in an Exchange Equilibrium Framework Without Walras’ Law and Homogeneity47
5.1 Evolutions Based on a Model of an Exchange Economy Without Walras’ Law and Homogeneity48
5.2 Evolutions Based on a Model With Weakened Boundary Assumptions60
6 Evolutions in a General Equilibrium Framework With Production, Taxes, and Subsidies66
6.1 Evolutions Based on a General Equilibrium Model With Production and Taxes67
6.2 Evolutions Based on a General Equilibrium Model With Production, Taxes, and Subsidies73
7 Evolutions in the Temporary Fixprice Equilibrium Framework76
7.1 Evolutions Based on a Quantity Constrained Micromodel With Effective Demand `a la Benassy77
7.2 Evolutions Based on a Quantity Constrained Multi- Sectoral Model82
8 Conclusions92
Formal Analysis93
9 Introduction to Part II94
10 Near-Equilibrium Paths97
10.1 Existence of Joining Equilibrium Components and of Near- Equilibrium Paths for Each Type of Evolution From Part I98
10.2 A Criterion for Identifying Points on Joining Equilibrium Components105
11 Equilibrium Paths107
11.1 Approximating Evolutions of Exchange Economies With Nice Equilibrium Paths Based on Dierker’s Model from Section 4.2108
11.2 Approximating Evolutions With Equilibrium Paths for the Other Basic Models From Part I122
11.3 A Strong Connectedness Result for the Graphs of the Equilibrium Correspondences of the Basic Models From Part I128
12 Economic Refinements of the Notion of an Evolution of Economies143
12.1 Course Evolutions and Connection Evolutions144
12.2 New and Old Commodities151
13 The Structure of the Equilibrium Price Set of an Evolution of Exchange Economies156
14 Comparison With Related Results in the Literature161
14.1 Studies of the Graph of the Walras Correspondence161
14.2 The Regular Approach164
15 Conclusions175
Economic Analysis177
16 Introduction to Part III178
17 Applications of the Analytical Results From Part II in the Economist’s Laboratory181
17.1 Extending the Path-Following Method to the Computation of Equilibria of Non- Regular Economies182
17.2 Generalizing Comparative Statics to Economies With Multiple Equilibria185
18 The Method of Kinetic Analysis of Evolving Economies in Historical Time186
19 Evolving Economies in Historical Time195
19.1 Evolving Economies in Discrete Historical Time199
19.2 Alternative Models of Evolving Economies in Continuous Historical Time200
19.3 Time Consuming Equilibrium Adjustment Processes210
19.4 Frictionless Tuning of Coordination Signals in Evolving Economies in Continuous Historical Time213
20 Conclusions219
General Conclusions and Outlook221
21 General Conclusions and Outlook222
22 Appendix A1225
Proof of Theorem 11.8225
23 Appendix B235
Proof of Theorem 13.1235
Proof of Corollary 13.2251
Proof of Proposition 13.4251
24 Appendix C252
Proof of Proposition 14.3252
References255
Subject Index262