General Equilibrium and Welfare Economics PDF Download

Author: James C. Moore
Publisher: Springer Science & Business Media
ISBN: 354032223X
Category : Business & Economics
Languages : en
Pages : 576

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Book Description
This book offers the basic grasp of general equilibrium theory that is a fundamental background for advanced work in virtually any sub-field of economics, and the thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, that is indispensable for undertaking applied policy analysis. The book uses extensive examples, both simple ones intended to bolster basic concepts, and those illustrating application of the material to economics in practice.

Author: James P. Quirk
Publisher: New York : McGraw-Hill
ISBN:
Category : Business & Economics
Languages : en
Pages : 246

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Book Description
The setting: individual economic agents; The setting: supply and demand, competitive equilibrium; Existence and uniqueness; Welare economics.

Author: Pablo Coto-Millán
Publisher: Springer Science & Business Media
ISBN: 3642500099
Category : Business & Economics
Languages : en
Pages : 177

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Book Description
In this book the reader is provided with an overview of the most interesting ideas in Competitive General Equilibrium Theory as well as Welfare Economy. In doing so, the author adopts a methodological approach of a closed and inter-related system where all variables are simultaneously determined. By using theorems of fixed point, revealed preference and local and global stability, the author proves the existence of unicity and stability. Furthermore, he analyses those situations where the competitive system does not allocate resources efficiently. In this sense, he examines allocation problems in regard to property rights, information problems and choice and negotiation problems. Finally, the text includes a chapter that presents a topical guide of questions related to Social Choice.

Author: Ross M. Starr
Publisher: Cambridge University Press
ISBN: 9780521564731
Category : Business & Economics
Languages : en
Pages : 280

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Book Description
General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.

Author: John Creedy
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 184

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Book Description
Creedy (economics, U. of Melbourne) provides an accessible introduction to general equilibrium analysis and associated welfare economics using a simple two-sector model and only diagrams and simple mathematics. He describes the utility, non- utility, and welfare analysis of exchange with price-taking; trading at disequilibrium prices, the role of the number of traders, and bargaining solutions of exchange without price- taking; and the construction and solution of the two-sector model. Annotation copyright by Book News, Inc., Portland, OR

Author: Allan M. Feldman
Publisher: Springer Science & Business Media
ISBN: 038729368X
Category : Business & Economics
Languages : en
Pages : 401

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Book Description
This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can improve upon the results of the market. This second edition updates the material of the first, written by Allan Feldman. It incorporates new sections to existing first-edition chapters, and it includes several new ones. Chapters 4, 6, 11, 15 and 16 are new, added in this edition. The first edition of the book grew out of an undergraduate welfare economics course at Brown University. The book is intended for the undergraduate student who has some prior familiarity with microeconomics. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity. Welfare economics and social choice both probably suffer from ex cessively technical treatments in professional journals and monographs.

Author: Kenneth Joseph Arrow
Publisher: Harvard University Press
ISBN: 9780674137615
Category : Business & Economics
Languages : en
Pages : 326

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Book Description
The publication of Arrow's collected papers will be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing his process.

Author: Pascal Bridel
Publisher: Routledge
ISBN: 1136719814
Category : Business & Economics
Languages : en
Pages : 200

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Book Description
2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.

Author: W. D. A. Bryant
Publisher: World Scientific
ISBN: 9812818359
Category : Business & Economics
Languages : en
Pages : 492

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Book Description
General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: OCyDoes the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence OCo and if so, how is that achieved?OCO This is always an apt question, but particularly so given the OCyGlobal Financial CrisisOCO that emerged from the operation of market economies in the Americas and Europe in mid to late 2008. The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood OCo neither by proponents of, or antagonists to, the OCyfree market positionOCO. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on OCymarket forcesOCO to manage complex socio-economic systems. Sample Chapter(s). Chapter 1: General Equilibrium Theory: An Overview (138 KB). Contents: General Equilibrium Theory: An Overview; Existence of Equilibrium: Sufficient Conditions; Existence of Equilibrium: Necessary Conditions; Equilibrium and Irreducibility: Some Empirical Evidence; Existence of Equilibrium Under Alternative Income Conditions; Existence of Walrasian Equilibrium in Some NonOCoArrow-Debreu Environments; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics of Equilibrium States; Empirical Evidence on General Equilibrium; General Equilibrium Theory in Retrospect. Readership: Advanced undergraduates and graduate students in economics; economists interested in economic theory."

Author: Hans Gersbach
Publisher: Springer
ISBN: 331960516X
Category : Business & Economics
Languages : en
Pages : 186

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Book Description
This monograph studies multi-member households or, more generally, socio-economic groups from a purely theoretical perspective and within a general equilibrium framework, in contrast to a sizeable empirical literature. The approach is based on the belief that households, their composition, decisions and behavior within a competitive market economy deserve thorough examination. The authors set out to link the formation, composition, decision-making, and stability of households. They develop general equilibrium models of pure exchange economies in which households can have several, typically heterogeneous members and act as collective decision-making units on the one hand and as competitive market participants on the other hand. Moreover, the more advanced models combine traditional exchange (markets for commodities) and matching (markets for people or partners) and develop implications for welfare, social structures, and economic policy. In the field of family economics, Hans Haller and Hans Gersbach have pioneered a ‘market’ approach that applies the tools of general equilibrium theory to the analysis of household behavior. This very interesting book presents an overview of their methods and results. This is an inspiring work. Pierre-André Chiappori, Columbia University, USA The sophisticated, insightful and challenging analysis presented in this book extends the theory of the multi-person household along an important but relatively neglected dimension, that of general equilibrium theory. It also challenges GE theorists themselves to follow Paul Samuelson in taking seriously the real attributes of that fundamental building block, the household, as a social group whose decisions may not satisfy the standard axioms of individual choice. This synthesis and extension of their earlier work by Gersbach and Haller will prove to be a seminal contribution in its field. Ray Rees, LMU Munich, Germany