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Social sciences (general) --- Economic schools --- Operational research. Game theory --- Computer. Automation --- informatica --- sociale wetenschappen --- economisch denken --- speltheorie --- operationeel onderzoek
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This monograph presents a general equilibrium methodology for microeconomic policy analysis intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreus Theory of Value(1959) or Arrow and Hahns General Competitive Analysis(1971).The methodology proposed in this monograph does not presume the existence of market equilibrium, accepts the inherent indeterminancy of nonparametric general equlibrium models, and offers effective algorithms for computing counterfactual equilibria in these models.It consists of several essays written over the l
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Marcet and Marimon (1994, revised 1998, revised 2011) developed a recursive saddle point method which can be used to solve dynamic contracting problems that include participation, enforcement and incentive constraints. Their method uses a recursive multiplier to capture implicit prior promises to the agent(s) that were made in order to satisfy earlier instances of these constraints. As a result, their method relies on the invertibility of the derivative of the Pareto frontier and cannot be applied to problems for which this frontier is not strictly concave. In this paper we show how one can extend their method to a weakly concave Pareto frontier by expanding the state space to include the realizations of an end of period lottery over the extreme points of a flat region of the Pareto frontier. With this expansion the basic insight of Marcet and Marimon goes through – one can make the problem recursive in the Lagrangian multiplier which yields significant computational advantages over the conventional approach of using utility as the state variable. The case of a weakly concave Pareto frontier arises naturally in applications where the principal's choice set is not convex but where randomization is possible.
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This manuscript was typeset in Latex by Mrs. Glena Ames. Mrs. Ames also draftedallthe?guresandeditedtheentiremanuscript. Onlyacademiccustom prevents us from asking her to be a co-author. She has our heartfelt gratitude for her good humor and her dedication to excellence. New Haven and Philadelphia, Donald J. Brown December 2007 Felix Kubler Contents Refutable Theories of Value Donald J. Brown, Felix Kubler. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Testable Restrictions on the Equilibrium Manifold Donald J. Brown, Rosa L. Matzkin. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets Donald J. Brown, Chris Shannon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 The Nonparametric Approach to Applied Welfare Analysis Donald J. Brown, Caterina Calsamiglia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Competition, Consumer Welfare, and the Social Cost of Monopoly Yoon-Ho Alex Lee, Donald J. Brown. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Two Algorithms for Solving the Walrasian Equilibrium Inequalities Donald J. Brown, Ravi Kannan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Is Intertemporal Choice Theory Testable? Felix Kubler. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Observable Restrictions of General Equilibrium Models with Financial Markets Felix Kubler. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Approximate Generalizations and Computational Experiments Felix Kubler. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 XContents Approximate Versus Exact Equilibria in Dynamic Economies Felix Kubler, Karl Schmedders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Tame Topology andO-Minimal Structures Charles Steinhorn. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 ListofContributors Donald J. Brown Rosa L. Matzkin Yale University Northwestern University 27 Hillhouse Avenue 2001 Sheridan Road New Haven, CT 06511 Evanston, IL 60208 donald. brown@yale. edu matzkin@northwestern. edu Caterina Calsamiglia Universitat Aut` onoma de Barcelona Karl Schmedders Edi?ci B Northwestern University Bellaterra, Barcelona, Spain 08193 2001 Sheridan Road caterina. calsamiglia@uab. es Evanston, IL 60208 Ravi Kannan k-schmedders@kellogg Yale University . northwestern.
Social sciences (general) --- Economic schools --- Operational research. Game theory --- Computer. Automation --- informatica --- sociale wetenschappen --- economisch denken --- speltheorie --- operationeel onderzoek
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