Transaction Costs In General Equilibrium Theory
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Author | : Ross M. Starr |
Publisher | : Academic Press |
Total Pages | : 364 |
Release | : 2014-05-10 |
Genre | : Business & Economics |
ISBN | : 1483273512 |
General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.
Author | : Yuri Kabanov |
Publisher | : Springer Science & Business Media |
Total Pages | : 306 |
Release | : 2009-12-04 |
Genre | : Business & Economics |
ISBN | : 3540681213 |
The book is the first monograph on this highly important subject.
Author | : Martin Shubik |
Publisher | : MIT Press |
Total Pages | : 591 |
Release | : 2016-09-23 |
Genre | : Business & Economics |
ISBN | : 0262034638 |
A rigorous theory of money, credit, and bankruptcy in the context of a mixed economy, uniting Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation. This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the biological and behavioral sciences. The proposed theory unites Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation utilizing strategic market games. Problems concerning the meaning of rational economic behavior and the concept of solution are noted. The authors argue that process models of the economy can be built that are consistent with the general equilibrium system but become progressively more complex as new functions are added. Explicit embedding of the economy within the framework of government and society provides a natural, both formal and informal, control system. The authors describe how to build and analyze multistate models with simple assumptions about behavior, and develop a general modeling methodology for the construction of models as playable games.
Author | : Douglas Gale |
Publisher | : Cambridge University Press |
Total Pages | : 364 |
Release | : 1982-09-30 |
Genre | : Business & Economics |
ISBN | : 9780521289009 |
This book deals mainly with what can be described as the general-equilibrium approach to monetary theory. The author does not attempt an encyclopaedic treatment, rather Gale investigates the central problems and ideas in the development of topical monetary theory. The first part of the book - technically the easier - deals with questions which will be recognized as falling within the traditional field of (macroeconomic) monetary theory, although the treatment is unflaggingly microeconomic. The second part is less conventional, dealing with the general equilibrium theory of money in a fundamental way.
Author | : Oliver E. Williamson |
Publisher | : Oxford University Press, USA |
Total Pages | : 260 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : 9780195083569 |
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Author | : Vivian Z. Yue |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2011-07-01 |
Genre | : Business & Economics |
ISBN | : 1462330452 |
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing; default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around default triggers an efficiency loss as these inputs are replaced by imperfect substitutes; and default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments.
Author | : Mary E. Burfisher |
Publisher | : Cambridge University Press |
Total Pages | : 443 |
Release | : 2016 |
Genre | : Business & Economics |
ISBN | : 1107132207 |
The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Author | : International Economic Association |
Publisher | : |
Total Pages | : 364 |
Release | : 1965 |
Genre | : Interest |
ISBN | : |
Author | : Hans Lofgren |
Publisher | : Intl Food Policy Res Inst |
Total Pages | : 79 |
Release | : 2002-01-01 |
Genre | : Business & Economics |
ISBN | : 0896297209 |
The purpose of this manual is to contribute to and facilitate the use of computable general equilibrium (CGE) models in the analysis of issues related to food policy in developing countries. The volume includes a detailed presentation of a static “standard” CGE model and its required database and incorporates features of particular importance in developing countries. The manual discusses the implementation of the model in GAMS and is accompanied by a CD-ROM that includes the GAMS software (free demo system), the GAMS input files for the model, sample databases, simulations, solution reports, and a social accounting matrix (SAM) aggregation program. Although the volume provides a standardized framework for analysis, the analyst is not forced to make “one-size-fits-all” assumptions. The GAMS code is written to give the analyst considerable flexibility in model specification.
Author | : Oliver E. Williamson |
Publisher | : Edward Elgar Publishing |
Total Pages | : 0 |
Release | : 2013 |
Genre | : Industrial organization (Economic theory). |
ISBN | : 9780857938756 |
Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.