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Economic Evolution and Equilibrium

Bridging the Gap
 eBook
Sofort lieferbar | Lieferzeit: Sofort lieferbar I
ISBN-13:
9783540686644
Einband:
eBook
Seiten:
272
Autor:
Marco Lehmann-Waffenschmidt
Serie:
591, Springer Lecture Notes in Economics and Mathematical Systems
eBook Typ:
PDF
eBook Format:
EPUB
Kopierschutz:
1 - PDF Watermark
Sprache:
Englisch
Beschreibung:

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.
"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. Furthermore, the analysis provides a complete characterization of the structure of the equilibrium price set of evolving exchange economies. The results allow to derive policy implications for a gradual, frictionless tuning of equilibrium values for open loop evolving economies. The analysis is innovative in both its approach and its results. It contributes to bridging the gap between the traditional static, closed loop, dynamic equilibrium approach and the idea of open loop evolution which has become an attractive concept in economics in recent years. TOC:Introduction.- Part I: Conceptualization and definition of evolutions of economies in four general equilibrium frameworks.- Part II: Formal analysis.- Part III: Economic analyis.- General conclusions and outlook."
General Introduction.- General Introduction.- Notations and Mathematical Preliminaries.- Notations and Mathematical Preliminaries.- Conceptualization and Definition of Evolutions of Economies in Four General Equilibrium Frameworks.- to Part I.- Evolutions in the Traditional Walrasian Exchange Equilibrium Framework.- Evolutions in an Exchange Equilibrium Framework Without Walras' Law and Homogeneity.- Evolutions in a General Equilibrium Framework With Production, Taxes, and Subsidies.- Evolutions in the Temporary Fixprice Equilibrium Framework.- Conclusions.- Formal Analysis.- to Part II.- Near-Equilibrium Paths.- Equilibrium Paths.- Economic Refinements of the Notion of an Evolution of Economies.- The Structure of the Equilibrium Price Set of an Evolution of Exchange Economies.- Comparison With Related Results in the Literature.- Conclusions.- Economic Analysis.- to Part III.- Applications of the Analytical Results From Part II in the Economist's Laboratory.- The Method of Kinetic Analysis of Evolving Economies in Historical Time.- Evolving Economies in Historical Time.- Conclusions.- General Conclusions and Outlook.- General Conclusions and Outlook.

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