Author: Pedro Cosme Vieira
Publisher:
ISBN:
Category :
Languages : en
Pages : 7
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Book Description
Although it is an empirical regularity that in the trading of homogeneous goods there are persistent price dispersion and competition between sellers, it is theoretically derived that when buyers are optimisers, in market equilibrium, there are neither price dispersion nor competition (the Diamond's paradox). This undesirable theoretical result induces the growth of doubt in the relevance of using optimisation in the study of human behaviour (the Hey's critique). In this work I demonstrate that it is not necessary to abandon the optimisation framework to overturn this pitfall if assumed that economic agents have computational restrictions. That is, I demonstrate that when optimiser buyers have search and computational costs in market equilibrium there is price dispersion, search and competition between sellers.
Author: Jan Tuinstra
Publisher: Springer Science & Business Media
ISBN: 1461516617
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
A long-standing unsolved problem in economic theory is how economic equilibria are attained. Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations considers a number of adjustment processes in different economic models and investigates their dynamical behaviour. Two important themes arising in this context are `bounded rationality' and `nonlinear dynamics'. Important sub-themes of the book are the following: how do boundedly rational agents interact with their environment and does this interaction in some sense lead to rational outcomes (which may or may not correspond to equilibria)? The second sub-theme deals with the consequences of the nonlinear dynamical nature of many adjustment processes. The results presented in this volume indicate that endogenous fluctuations are the rule rather than the exception in the search for equilibrium. The book uses the theory of nonlinear dynamics to analyze the dynamics of the different economic models. Due to the complexity of most of the models, an important role is played by computational methods. In particular, at regular instances the models are analyzed by numerical simulations and some computer-assisted proofs are provided. It also covers a wide range of dynamical models from economic theory. Most of these models merge the theory of nonlinear economic dynamics with the theory of bounded rationality. The book is written for anyone with an interest in economic theory in general and bounded rationality and endogenous fluctuations in particular. It is entirely self-contained and accessible to readers with only a limited knowledge of economic theory.
Author: Christos Papadimitriou
Publisher: Springer
ISBN: 3540921850
Category : Computers
Languages : en
Pages : 748
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Book Description
This book constitutes the refereed proceedings of the 4th International Workshop on Internet and Network Economics, WINE 2008, held in Shanghai, China, in December 2008. The 68 revised full papers presented together with 10 invited talks were carefully reviewed and selected from 126 submissions. The papers are organized in topical sections on market equilibrium, congestion games, information markets, nash equilibrium, network games, solution concepts, algorithms and optimization, mechanism design, equilibrium, online advertisement, sponsored search auctions, and voting problems.
Author: Diogo José Fernandes Homem de Lucena
Publisher:
ISBN:
Category : House buying
Languages : en
Pages : 264
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Book Description
Author: Erich Schneider
Publisher: Psychology Press
ISBN: 9780415313193
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
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.
Author: C. J. McKenna
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Mary E. Burfisher
Publisher: Cambridge University Press
ISBN: 1107132207
Category : Business & Economics
Languages : en
Pages : 443
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Book Description
The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Author: Aurora Teixeira
Publisher: Universidade do Porto
ISBN: 9789728025748
Category : Monetary policy
Languages : en
Pages : 324
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Book Description
Author: Kenneth Burdett
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 38
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Book Description
Author: Matthew R. Backus
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
