Theory of Incomplete Markets

Theory of Incomplete Markets
Author: Michael Magill
Publisher: MIT Press
Total Pages: 566
Release: 2002
Genre: Business & Economics
ISBN: 9780262632546

Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.

General Equilibrium

General Equilibrium
Author: Frank Hahn
Publisher: Routledge
Total Pages: 544
Release: 2003-09-02
Genre: Business & Economics
ISBN: 113443362X

In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.

The Theory of Money and Financial Institutions

The Theory of Money and Financial Institutions
Author: Martin Shubik
Publisher: MIT Press
Total Pages: 472
Release: 1999
Genre: Business & Economics
ISBN: 9780262693110

This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

General Equilibrium

General Equilibrium
Author: Hayo Reinders
Publisher: Springer
Total Pages: 357
Release: 1989-03-01
Genre: Business & Economics
ISBN: 1349198021

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the topic of general equilibrium.

Economic Analysis of Markets and Games

Economic Analysis of Markets and Games
Author: Partha Dasgupta
Publisher: MIT Press
Total Pages: 666
Release: 1992
Genre: Business & Economics
ISBN: 9780262041270

These original essays focus on a wide range of topics related to Frank Hahn'sdistinguished work in economics. Ranging from market analysis and game theory to the microeconomicfoundations of macroeconomics and from equilibrium and optimality with missing markets to economicsand society, they reflect the diversity of modem research in economic theory. What distinguishesHahn's work and many of the essays in this book is that the motivation often comes from practicalconcerns about unemployment, savings and investment, poverty, or the stability of markets.The essaysin Part I deal with the microeconomic foundations of macroeconomics - a field in which Hahn has madeimportant contributions, most notably in the theory of monetary economics. Topics include anevaluation of Hahn's contribution to the theory of distribution and such macroeconomic themes ascoordination failure, multiple equilibria, and strategic issues.Part II contains recentcontributions to game theory reflecting Hahn's interest in the question of what is rationalbehavior. The essays in Part III concentrate on general-equilibrium theory with missing markets, afield in which Hahn has made major advances. Although the essays address a different set of issues,they share with Hahn's works such themes as market failure, indeterminacy of equilibrium, and therole of money.Partha Dasgupta is Professor of Economics at Cambridge University. Douglas Gale isProfessor of Economics at Boston University. Oliver Hart is Professor of Economics at theMassachusetts Institute of Technology. Eric Maskin is Professor of Economics at HarvardUniversity.

Multisector Growth Models

Multisector Growth Models
Author: Terry L. Roe
Publisher: Springer Science & Business Media
Total Pages: 333
Release: 2009-10-03
Genre: Business & Economics
ISBN: 0387773584

The primary objective of this book is to advance the state of the art in specifying and ?tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated – typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for moredisaggregatedmodelsthatcanbe?ttocountryorregional data.Thisbookshowshowto:(i)extendthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii) ?t the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially ?t.

Essays in Dynamic General Equilibrium Theory

Essays in Dynamic General Equilibrium Theory
Author: Alessandro Citanna
Publisher: Springer Science & Business Media
Total Pages: 278
Release: 2006-01-11
Genre: Business & Economics
ISBN: 3540271929

In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.