Some Aspects of the Foundations of General Equilibrium Theory PDF Download
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Author: P.J. Kalman
Publisher: Springer Science & Business Media
ISBN: 364295331X
Category : Business & Economics
Languages : en
Pages : 174
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Book Description
In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.
Author: P.J. Kalman
Publisher: Springer Science & Business Media
ISBN: 364295331X
Category : Business & Economics
Languages : en
Pages : 174
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Book Description
In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.
Author: A. V. Fiacco
Publisher: Springer Science & Business Media
ISBN: 3642464149
Category : Business & Economics
Languages : en
Pages : 554
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Book Description
The papers appearing in this Volume were selected from a collec tion of papers presented at the Internationa~ Symposium on Extrema~ Methods and Systems Ana~ysis on the Occasion of Professor A. Charnes' 60th Birthday, at the University of Texas in Austin, 13-15 September 1977. As coeditors, we have followed the normal editorial procedures of scholarly journals. We have obtained invaluable assistance from a number of colleagues who essentially performed the duties of associate editors, coordinating most of the reviews. All papers except those appearing in the Historica~ Perspectives section were refereed by at least two individuals with competency in the respective area. Because of the wide range and diversity of the topics, it would have been im possible for us to make a consistently rational selection of papers without the help of the associate editors and referees. We are indeed grateful to them. The breadth of extremal methods and systems analysis, suggested by the range of topics covered in these papers, is characteristic of the field and also of the scholarly work of Professor Charnes. Extre mal methods and systems analysis has been a pioneering and systematic approach to the development and application of new scientific theories and methods for problems of management and operations in both the pri vate and public sectors, spanning all major disciplines from economics to engineering.
Author: Giancarlo Gandolfo
Publisher: Springer Science & Business Media
ISBN: 3642954596
Category : Business & Economics
Languages : en
Pages : 182
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Book Description
This is the fourth version of a model that five years ago we set out to build and estimate along the lines of the continuous time approach clarified In chapter 1. Previous versions appeared in journal articles and conference proceedings, where the space is notoriously limited. Therefore we welcome the possibility of publishing a book-length treatment of this fourth version, so that we can describe its theoretical and empirical aspects in some detail. Although we have worked closely together and accept joint responsibility for the whole book, chs. 1 and 2 and appendix I have been written by G. Gandolfo, whilst chs. ] and 4 and appendix II have been written by P.c. Padoan. Different parts of this version of the model have been discussed In various lectures at the European University Institute (Florence) in 1984, In a seminar organized by the Bank of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), in the second Viennese Workshop on Economic Applications of Control Theory (Vienna, May 16-18, 1984), and in the sixth annual Conference of the Society for Economic Dynamics and Control (Nice, France, June 13-15, 1984). In all of these we received helpful comments; similarly helpful were the comments of Clifford R .. Wymer, who, however, is absolved of any responsibility.
Author: Christoph Klein
Publisher: Springer Science & Business Media
ISBN: 3642466397
Category : Business & Economics
Languages : en
Pages : 150
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Book Description
This book studies a large economy. It deals with a static microeconomic model of an exchange market with pure competition. Instead of the sigma-additive theory, the finitely additive theory, the general Jordan content and the general Riemann integration are used respectively. By a specialized probability model, the author obtains a precise interpretation strictly based on microeconomic methods of measurement. In particular, the meaning of an agent and of a coalition is explained and the Core-Walras equivalence is deduced. The author elaborates an elementary representation by broken continuous functions and the classical Riemann integral. A conjecture concerning the reduction of the dynamical case onto generalized differential equations is added.
Author: Soo H. Chew
Publisher: Springer Science & Business Media
ISBN: 3642466230
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
This book treats the subject of global optimization with minimal restrictions on the behavior on the objective functions. In particular, optimal conditions were developed for a class of noncontinuous functions characterized by their having level sets that are robust. The integration-based approach contrasts with existing approaches which require some degree of convexity or differentiability of the objective function. Some computational results on a personal computer are presented.
Author: Dominicus van der Wijst
Publisher: Springer Science & Business Media
ISBN: 3642456561
Category : Business & Economics
Languages : en
Pages : 187
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Book Description
46 4. 2 Assumptions and definitions 48 4. 3 Single period models 4. 3. 1 Introduction: the MM-position 48 4. 3. 2 The effect of risk of default and limited liability 50 53 4. 3. 3 The effect of bankruptcy costs 4. 3. 4 The effect of agency costs 58 4. 3. 5 The effect of informational differences 60 4. 4 Multi-period models 63 4. 4. 1 Introduction: additional assumptions and redefinitions 63 65 4. 4. 2 The MM-position 67 4. 4. 3 The effect of limited liability and the risk of default 4. 4. 4 The effect of bankruptcy costs 70 4. 4. 5 The Scott model 72 4. 4. 6 Some extensions of the Scott model 76 4. 5 Conclusions 79 Appendix to chapter 4 82 83 5 Determinants from the practice of small business finance 83 5. 1 Introduction and overview 5. 2 Determinants related to the firm's internal characteristics 85 5. 3 Determinants related to the firm's external relationships 91 6 A comparison and evaluation of both sources 94 6. 1 Comparison and evaluation 94 6. 2 Summary and empirical implications 98 PART III : EMPIRICAL ANALYSES IN SMALL BUSINESS 7 Analyses of samples of individual firms 103 7. 1 Introduction 103 7. 2 Data 104 7. 3 Hypotheses and variables 107 7. 4 Specification and estimation results 113 IV 8 Analyses of industry averages in retailing 131 8. 1 Introduction 131 8. 2 Data 132 8.
Author: Masanao Aoki
Publisher: Springer Science & Business Media
ISBN: 3642455654
Category : Mathematics
Languages : en
Pages : 262
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Book Description
In seminars and graduate level courses I have had several opportunities to discuss modeling and analysis of time series with economists and economic graduate students during the past several years. These experiences made me aware of a gap between what economic graduate students are taught about vector-valued time series and what is available in recent system literature. Wishing to fill or narrow the gap that I suspect is more widely spread than my personal experiences indicate, I have written these notes to augment and reor ganize materials I have given in these courses and seminars. I have endeavored to present, in as much a self-contained way as practicable, a body of results and techniques in system theory that I judge to be relevant and useful to economists interested in using time series in their research. I have essentially acted as an intermediary and interpreter of system theoretic results and perspectives in time series by filtering out non-essential details, and presenting coherent accounts of what I deem to be important but not readily available, or accessible to economists. For this reason I have excluded from the notes many results on various estimation methods or their statistical properties because they are amply discussed in many standard texts on time series or on statistics.
Author: Axel Börsch-Supan
Publisher: Springer Science & Business Media
ISBN: 3642456332
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
This book is a treatise on empirical microeconomics: it describes the econometric theory of qualitative choice models and the empirical practice of modeling consumer demand for a heterogeneous commodity, housing. Accordingly, the book has two parts. The first part gives a self-contained survey of discrete choice models with emphasis on nested and related multinomial logit models. The second part concentrates on three sUbstantive questions about housing demand and how they can be answered using discrete choice models. Why combine these two distinct parts in one book? It is the interaction between theory and application in empirical microeconomics on which we focus in this book. Hence, emphasis in the methodological part is on practicability, and emphasis in the applied part is on the usage of the proper econometric specifications. Econometrics means measuring economic phenomena. Because nature (ironically, in the case of economics, this is most often the government) rarely provides us with well-defined economic experiments, measurement of economic phenomena usually requires an elaborate statistical apparatus that is able to separate concurrent and confounding phenomena. Discrete choice models have proved to be a very convenient apparatus to study the complex issues in housing demand. We present models, techniques, and statistical problems of discrete choice in the first and methodological part of the book, written in conventional textbook style.
Author: Theo K. Dijkstra
Publisher: Springer Science & Business Media
ISBN: 3642954618
Category : Business & Economics
Languages : en
Pages : 139
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Book Description
Author: L. Bauwens
Publisher: Springer Science & Business Media
ISBN: 3642455786
Category : Business & Economics
Languages : en
Pages : 124
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Book Description
In their review of the "Bayesian analysis of simultaneous equation systems", Dr~ze and Richard (1983) - hereafter DR - express the following viewpoint about the present state of development of the Bayesian full information analysis of such sys tems i) the method allows "a flexible specification of the prior density, including well defined noninformative prior measures"; ii) it yields "exact finite sample posterior and predictive densities". However, they call for further developments so that these densities can be eval uated through 'numerical methods, using an integrated software packa~e. To that end, they recommend the use of a Monte Carlo technique, since van Dijk and Kloek (1980) have demonstrated that "the integrations can be done and how they are done". In this monograph, we explain how we contribute to achieve the developments suggested by Dr~ze and Richard. A basic idea is to use known properties of the porterior density of the param eters of the structural form to design the importance functions, i. e. approximations of the posterior density, that are needed for organizing the integrations.
