Static and Dynamic Aspects of General Disequilibrium Theory / Edition 1

by P. Jean-Jacques Herings

Overview

Mathematical economics uses mathematical tools and reasoning to describe and explain economic reality. At the core of mathematical economics is general equilibrium theory. Static and Dynamic Aspects of General Disequilibrium Theory describes and analyses various general equilibrium models, treating theory from an axiomatic point of view, which may lead to a deeper understanding of problems, may help to avoid incorrect reasoning, and may improve communication within the economic science.
This volume consists of four parts, each of which is self-contained. Part I deals with the mathematical and economic preliminaries. Part II considers the static aspects of disequilibrium theory. Part III determines price rigidities endogenously. Finally, Part IV deals with dynamic aspects of disequilibrium theory.

Product Details

ISBN-13:	9780792398134
Publisher:	Springer US
Publication date:	10/31/1996
Series:	Theory and Decision Library C , #13
Edition description:	1996
Pages:	508
Product dimensions:	6.10(w) x 9.25(h) x 0.24(d)

Table of Contents

1 Introduction.- 1.1 The Axiomatic Analysis of Economic Equilibrium.- 1.2 Objects of the Monograph.- 1.3 Contents of the Monograph.- I Preliminaries.- 2 Mathematical Preliminaries.- 3 Economic Preliminaries.- II Static Aspects of Disequilibrium.- 4 Equilibrium Existence Results for Economies with Price Rigidities.- 5 On the Connectedness of the Set of Constrained Equilibria.- 6 The Computation of a Continuum of Constrained Equilibria.- 7 Intersection Theorems with a Continuum of Intersection Points.- III Endogenously Determined Disequilibrium.- 8 Endogenously Determined Price Rigidities.- 9 Regulation of Prices, the Generic Case?.- IV Dynamic Aspects of Disequilibrium.- 10 A Globally and Universally Stable Price Adjustment Process.- 11 A Globally and Universally Stable Quantity Adjustment Process.- 12 Equilibrium Adjustment of Disequilibrium Prices.- References.

Editorial Reviews

Describes and analyzes various general equilibrium models, treating theory from an axiomatic point of view. Part I deals with mathematical and economic preliminaries, such as topology, differential calculus, and consumer behavior, and Part II considers the static aspects of disequilibrium theory, with chapters on the connectedness of the set of constrained equilibria and intersection theorems with a continuum of intersection points. Part III determines price rigidities endogenously, and Part IV addresses dynamic aspects of disequilibrium theory, discussing globally stable price and quantity adjustment processes and equilibrium adjustment of disequilibrium prices. Annotation c. by Book News, Inc., Portland, Or.

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