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Computational Aspects of General Equilibrium Theory Refutable Theories of Value

:	Donald Brown, Felix Kubler
:	Computational Aspects of General Equilibrium Theory Refutable Theories of Value
:	Springer-Verlag
:	9783540765912
:	1
:	CHF 85.30
:

:	Volkswirtschaft
:	English

:	204
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

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.

	Preface	6
	Contents	7
	List of Contributors	9
	Refutable Theories of Value	10
	Testable Restrictions on the Equilibrium Manifold	20
	1 Introduction	20
	2 Restrictions in the Pure Trade Model	23
	3 Restrictions When Utility Functions Are Homothetic	27
	4 Empirical Applications and Extensions	29
	Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets	35
	1 Introduction	35
	2 Rationalizing Individual Demand	37
	3 Rationalizing Walrasian Equilibria	44
	The Nonparametric Approach to Applied Welfare Analysis	48
	1 Introduction	48
	2 Rationalizing Individual Demand Data with Quasilinear Utilities	50
	3 Rationalizing Aggregate Demand Data with Quasilinear and Homothetic Utilities	51
	4 Rationalizing the Production of Nonmarketed Goods	52
	Competition, Consumer Welfare, and the Social Cost of Monopoly	54
	1 Introduction	54
	2 Reconsidering the Deadweight Loss as the Social Cost of Monopoly	56
	3 Consumer Welfare, Pareto Optimality and General Equilibrium Theory	62
	4 A Two-Sector Model and Cost-minimizing Equilibria	66
	5 Application to the Grinnell Test	72
	6 Conclusion	75
	Two Algorithms for Solving the Walrasian Equilibrium Inequalities	76
	1 Introduction	76
	2 Economic Models	77
	3 Algorithms	79
	Is Intertemporal Choice Theory Testable?	85
	1 Introduction	85
	2 The Model	87
	3 Observable Restrictions	89
	4 Conclusion	96
	Observable Restrictions of General Equilibrium Models with Financial Markets	98
	1 Introduction	98
	2 The Model	100
	3 Time-separable Expected Utility	103
	4 Relaxing Time Separability: Necessary Conditions for Restrictions	109
	Approximate Generalizations and Computational Experiments	114
	1 Introduction	114
	2 A Simple Example	117
	3 Connected Components in Several Dimensions	120
	4 Bounding the Number of Connected Components in Economic Applications	124
	5 Computational Experiments in General Equilibrium Analysis	127
	6 A Random Algorithm	135
	7 Conclusion	137
	Approximate Versus Exact Equilibria in Dynamic Economies	139
	1 Introduction	139
	2 The Main Intuition in a Two-period Economy	143
	3 A General Model	146
	4 Approximate Equilibria and Their Interpretation	150
	5 A Model with Overlapping Generations and Production	155
	6 The Lucas Model with Several Agents	161
	7 Conclusion	166
	Tame Topology and O-Minimal Structures	168
	1 An Introduction to Definability	168
	3 O-minimal Structures	180
	4 Examples and Some Further Properties	185
	5 VC Dimension and Applications	190
	References	195
	Lecture Notes in Economics and Mathematical Systems	205