CHAPTER 1 A general equilibrium model I shall begin the examination of general equilibrium analysis as simply as I know how . I shall proceed from the specific to the general by developing a general equilibrium model that can motivate ...

Author: E. Roy Weintraub

Publisher: University of Michigan Press

ISBN: 047208223X

Category: Business & Economics

Page: 212

View: 856

A profound, innovative, and lively exploration of the nature of the theory at the very center of economics

equilibrium - and of the problem of disequilibrium , since disequilibrium has meaning only in the context of the notion of equilibrium - and that it continues to this day to circle around this problem , seeking new approaches and new ...

Author: Erich Schneider

Publisher: Psychology Press

ISBN: 0415313198

Category: Business & Economics

Page: 375

View: 391

This volume analyses value and equilibrium. Chapters on the decisions of household and on the theory of the firm (including short and long-term planning and investment) include both static and dynamic analysis. * Based on the enlarged sixth German edition this English edition contains many diagrams and an introduction to linear programming, as well as full treatment of the author's well-known theory of production.

Establishing of strongly non-equilibrium conditions in molecular gas flows in nozzles and jets is connected with rapid gas cooling and essential differences between the relaxation times for translational and internal degrees of freedom.

Author: Ekaterina Nagnibeda

Publisher: Springer Science & Business Media

ISBN: 9783642013904

Category: Technology & Engineering

Page: 252

View: 643

In the present monograph, we develop the kinetic theory of transport phenomena and relaxation processes in the flows of reacting gas mixtures and discuss its applications to strongly non-equilibrium conditions. The main attention is focused on the influence of non-equilibrium kinetics on gas dynamics and transport properties. Closed systems of fluid dynamic equations are derived from the kinetic equations in different approaches. We consider the most accurate approach taking into account the state-to-state kinetics in a flow, as well as simplified multi-temperature and one-temperature models based on quasi-stationary distributions. Within these approaches, we propose the algorithms for the calculation of the transport coefficients and rate coefficients of chemical reactions and energy exchanges in non-equilibrium flows; the developed techniques are based on the fundamental kinetic theory principles. The theory is applied to the modeling of non-equilibrium flows behind strong shock waves, in the boundary layer, and in nozzles. The comparison of the results obtained within the frame of different approaches is presented, the advantages of the new state-to-state kinetic model are discussed, and the limits of validity for simplified models are established. The book can be interesting for scientists and graduate students working on physical gas dynamics, aerothermodynamics, heat and mass transfer, non-equilibrium physical-chemical kinetics, and kinetic theory of gases.

Postmodern Developments in the Theory of General Economic Equilibrium Yves Balasko. X y ! is equal to zero. Show that this implies the matrix product HiðxiÞ 1⁄4 0; hence, a contradiction.) X y ! 1.19. Let X be a l Â 1 column matrix.

Author: Yves Balasko

Publisher: MIT Press

ISBN: 9780262262040

Category: Business & Economics

Page: 248

View: 665

A leading scholar in the field presents post-1970s developments in the theory of general equilibrium, unified by the concept of equilibrium manifold. In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the application of the methods of differential topology to the study of the equilibrium equation. Balasko's rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium's evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold. Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern” developments of the Arrow-Debreu model improve our understanding of modern market economies.

This paper examines whether general equilibrium models of exchange economies with incomplete financial markets impose restrictions on prices of commodities and assets given the stochastic processes of dividends and aggregate endowments.

Author: Donald Brown

Publisher: Springer Science & Business Media

ISBN: 9783540765912

Category: Business & Economics

Page: 204

View: 859

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.

It leads to the idea of a 'free-disposal' equilibrium. Definition 2.2 (Walrasian free-disposal equilibrium). A Walrasian free-disposal equilibrium is a Walrasian equilibrium in which (iii) is replaced by the requirement that all markets ...

Author: W. D. A. Bryant

Publisher: World Scientific

ISBN: 9789812818348

Category: Business & Economics

Page: 481

View: 659

"This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results." -- PUBLISHER WEBSITE.

Equilibrium or classical thermodynamics deals essentially with the study of macroscopic properties of matter at equilibrium. A comprehensive definition of equilibrium will be given later; here it is sufficient to characterize it as a ...

Author: Georgy Lebon

Publisher: Springer Science & Business Media

ISBN: 9783540742524

Category: Science

Page: 326

View: 374

Discover the many facets of non-equilibrium thermodynamics. The first part of this book describes the current thermodynamic formalism recognized as the classical theory. The second part focuses on different approaches. Throughout the presentation, the emphasis is on problem-solving applications. To help build your understanding, some problems have been analyzed using several formalisms to underscore their differences and their similarities.

Author: J. P. Moitinho de AlmeidaPublish On: 2016-12-27

the elements that share each nodal displacement, thus averaging to zero the lack of equilibrium, instead of imposing a strong form. The same conditions that must be verified by the hybrid stress element, regarding the number of ...

Author: J. P. Moitinho de Almeida

Publisher: John Wiley & Sons

ISBN: 9781118926215

Category: Technology & Engineering

Page: 296

View: 475

A comprehensive treatment of the theory and practice of equilibrium finite element analysis in the context of solid and structural mechanics Equilibrium Finite Element Formulations is an up to date exposition on hybrid equilibrium finite elements, which are based on the direct approximation of the stress fields. The focus is on their derivation and on the advantages that strong forms of equilibrium can have, either when used independently or together with the more conventional displacement based elements. These elements solve two important problems of concern to computational structural mechanics: a rational basis for error estimation, which leads to bounds on quantities of interest that are vital for verification of the output and provision of outputs immediately useful to the engineer for structural design and assessment. Key features: Unique in its coverage of equilibrium – an essential reference work for those seeking solutions that are strongly equilibrated. The approach is not widely known, and should be of benefit to structural design and assessment. Thorough explanations of the formulations for: 2D and 3D continua, thick and thin bending of plates and potential problems; covering mainly linear aspects of behaviour, but also with some excursions into non-linearity. Highly relevant to the verification of numerical solutions, the basis for obtaining bounds of the errors is explained in detail. Simple illustrative examples are given, together with their physical interpretations. The most relevant issues regarding the computational implementation of this approach are presented. When strong equilibrium and finite elements are to be combined, the book is a must-have reference for postgraduate students, researchers in software development or numerical analysis, and industrial practitioners who want to keep up to date with progress in simulation tools.

A subgame perfect equilibrium point o” = (oí,03) of T is said to be stationary iff for all i = 1, 2 and all t = 1,2,... the strategy *(h') induced on rt(ht) by o; depends neither on history ht nor on t. In a stationary equilibrium point ...

Author: Reinhard Selten

Publisher: Springer Science & Business Media

ISBN: 9783662073674

Category: Business & Economics

Page: 282

View: 892

The four volumes of Game Equilibrium Models present applications of non-cooperative game theory. Problems of strategic interaction arising in biology, economics, political science and the social sciences in general are treated in 42 papers on a wide variety of subjects. Internationally known authors with backgrounds in various disciplines have contributed original research. The reader finds innovative modelling combined with advanced methods of analysis. The four volumes are the outcome of a research year at the Center for Interdisciplinary Studies of the University of Bielefeld. The close interaction of an international interdisciplinary group of researchers has produced an unusual collection of remarkable results of great interest for everybody who wants to be informed on the scope, potential, and future direction of work in applied game theory. Volume III Strategic Bargaining contains ten papers on game equilibrium models of bargaining. All these contributions look at bargaining situations as non-cooperative games. General models of two-person and n-person bargaining are explored.

By now the theory of linear response of an equilibrium system to an external mechanical perturbation is well elaborated (see Chapter →5). This theory is used successfully for solving problems of physical kinetics in the systems whose ...

Author: Halid Bikkin

Publisher: Walter de Gruyter GmbH & Co KG

ISBN: 9783110727388

Category: Science

Page: 450

View: 994

This new edition covers contemporary directions of non-equilibrium statistical mechanics as well as classical methods of kinetics. Supplementary material on the non-equilibrium statistical operator (NSO) method for calculating kinetics coefficients describing spintronics is included in this new addition. This book is an easy-to-read text describing the fundamentals of the field.