Economic Evolution and Equilibrium : Bridging the Gap

by Marco Lehmann-Waffenschmidt

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 evol

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Year of publication:	2007
Other Persons:	Lehmann-Waffenschmidt, Marco (contributor)
Publisher:	Berlin, Heidelberg : Springer-Verlag Berlin Heidelberg
Subject:	Evolutionsökonomik \| Evolutionary economics \| Allgemeines Gleichgewicht \| General equilibrium \| Gleichgewichtstheorie \| Equilibrium theory \| Theorie \| Theory \| Evolutorische Wirtschaft \| Gleichgewichtsmodell
Description of contents:	Table of Contents [swbplus.bsz-bw.de] ; Description [swbplus.bsz-bw.de] ; Description [zbmath.org]

Extent:	Online-Ressource (VIII, 272 p. 75 illus, digital)
Series:	SpringerLink / Bücher
Type of publication:	Book / Working Paper
Language:	English
Notes:	Literaturverz. S. 263 - 269 CONTENTS; 1 General Introduction; 2 Notations and Mathematical Preliminaries; Part I Conceptualization and Definition of Evolutions of Economies in Four General Equilibrium Frameworks; 3 Introduction to Part I; 4 Evolutions in the Traditional Walrasian ExchangeEquilibrium Framework; 4.1 Evolutions Based on the Model of an Exchange Economy by Arrow and Hahn; 4.2 Evolutions Based on Dierker's Version of the Model of an Exchange Economy; 4.3 Evolutions Based on a Model of a Large Exchange Economy; 5 Evolutions in an Exchange Equilibrium FrameworkWithout Walras' Law and Homogeneity 5.1 Evolutions Based on a Model of an Exchange Economy Without Walras' Law and Homogeneity5.2 Evolutions Based on a Model With Weakened BoundaryAssumptions; 6 Evolutions in a General Equilibrium Framework WithProduction, Taxes, and Subsidies; 6.1 Evolutions Based on a General Equilibrium Model With Production and Taxes; 6.2 Evolutions Based on a General Equilibrium Model WithProduction, Taxes, and Subsidies; 7 Evolutions in the Temporary Fixprice EquilibriumFramework; 7.1 Evolutions Based on a Quantity Constrained Micromodel With Effective Demand à la Benassy 7.2 Evolutions Based on a Quantity Constrained Multi-SectoralModel8 Conclusions; Part II Formal Analysis; 9 Introduction to Part II; 10 Near-Equilibrium Paths; 10.1 Existence of Joining Equilibrium Components and of Near-Equilibrium Paths for Each Type of Evolution From Part I; 10.2 A Criterion for Identifying Points on Joining EquilibriumComponents; 11 Equilibrium Paths; 11.1 Approximating Evolutions of Exchange Economies With NiceEquilibrium Paths Based on Dierker's Model from Section 4.2; 11.2 Approximating Evolutions With Equilibrium Paths for the Other Basic Models From Part I 11.3 A Strong Connectedness Result for the Graphs of theEquilibrium Correspondences of the Basic Models From Part I12 Economic Refinements of the Notion of an Evolution ofEconomies; 12.1 Course Evolutions and Connection Evolutions; 12.2 New and Old Commodities; 13 The Structure of the Equilibrium Price Set of anEvolution of Exchange Economies; 14 Comparison With Related Results in the Literature; 14.1 Studies of the Graph of the Walras Correspondence; 14.2 The Regular Approach; 15 Conclusions; Part III Economic Analysis; 16 Introduction to Part III 17 Applications of the Analytical Results From Part II inthe Economist's Laboratory17.1 Extending the Path-Following Method to the Computation ofEquilibria of Non-Regular Economies; 17.2 Generalizing Comparative Statics to Economies WithMultiple Equilibria; 18 The Method of Kinetic Analysis of Evolving Economies inHistorical Time; 19 Evolving Economies in Historical Time; 19.1 Evolving Economies in Discrete Historical Time; 19.2 Alternative Models of Evolving Economies in Continuous Historical Time; 19.3 Time Consuming Equilibrium Adjustment Processes 19.4 Frictionless Tuning of Coordination Signals in Evolving Economies in Continuous Historical Time
ISBN:	978-3-540-68664-4 ; 978-3-540-68662-0
Other identifiers:	10.1007/978-3-540-68664-4 [DOI]
Classification:	Methoden und Techniken der Betriebswirtschaft ; Angewandte Mathematik
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013520699