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European Economic Integration, WTO Membership, Immigration and Offshoring
Kohler, Wilhelm - World Scientific Publishing Co. Pte. Ltd.
This volume is a collection of papers that apply general equilibrium theory in order to obtain policy relevant insights … dynamic numerical general equilibrium methods to quantify the effects of geographic extension of the European Union, including …
Persistent link: https://www.econbiz.de/10011010990
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Chapter 13. Local Interactions
zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011
Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...
Persistent link: https://www.econbiz.de/10014025690
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Chapter 11. Computing All Solutions to Polynomial Equations in Economics
Kubler, Felix; Renner, Philipp; Schmedders, Karl - In: Handbook of computational economics : volume 3, (pp. 599-652). 2014
Multiplicity of equilibria is a common problem in many economic models. In general, it is impossible to devise methods that always find all equilibria for any type of model. A notable exception are models in which all equilibria are solutions to a system of polynomial equations since there are...
Persistent link: https://www.econbiz.de/10014025711
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The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics - The Open-Access, Open-Assessment E-Journal 3 (2009), pp. 1-9
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10008561108
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Equilibrium Prices in the Presence of Delegated Portfolio Management
Cuoco, Domenico; Kaniel, Ron - C.E.P.R. Discussion Papers - 2009
, the extent of delegation and equilibrium prices are all determined endogenously within the model we consider. Symmetric … performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating …
Persistent link: https://www.econbiz.de/10008528548
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Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion
Basak, Suleyman; Yan, Hongjun - C.E.P.R. Discussion Papers - 2009
general-equilibrium analysis in the presence of money illusion generates implications that are consistent with several …
Persistent link: https://www.econbiz.de/10005048554
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Markets and contracts
Bisin, A.; Geanakoplos, J.D.; Gottardi, P.; Minelli, E.; … - In: Journal of Mathematical Economics 47 (2011) 3, pp. 279-288
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium … anonymous markets are viable. But, for a generic economy, competitive equilibrium allocations are constrained suboptimal: there …
Persistent link: https://www.econbiz.de/10010574778
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Asset Prices with Heterogenous Beliefs
Basak, Suleyman - C.E.P.R. Discussion Papers - 2004
opinion enter into security prices. In the determination of equilibrium, we employ a representative investor with stochastic …
Persistent link: https://www.econbiz.de/10005661585
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Stabilizing the economy : market design and general equilibrium
Goeree, Jacob K.; Lindsay, Luke - 2012
We employ laboratory methods to study stability of competitive equilibrium in Scarf’s economy (International Economic … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … strategy. The resulting outcome corresponds to the unique competitive equilibrium of the Scarf economy. In experiments that …
Persistent link: https://www.econbiz.de/10009743925
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A critique of shareholder value maximization
Magill, Michael; Quinzii, Martine; Rochet, Jean-Charles - 2013
fi rms. In that case, a competitive equilibrium with shareholder value maximizing fi rms (capitalist equilibrium) is … their shareholder value and of their contributions to consumer and employee welfares, the new competitive equilibrium … (stakeholder equilibrium) improves upon the capitalist equilibrium …
Persistent link: https://www.econbiz.de/10009750630