The Equilibrium Manifold Postmodern Developments in the Theory of General Economic Equilibrium Arne Ryde Memorial Lecture Series 1st Edition by Yves Balasko ISBN 978-0262026543 0262026543

The Equilibrium Manifold Postmodern Developments in the Theory of General Economic Equilibrium Arne Ryde Memorial Lecture Series 1st Edition by Yves Balasko  – Ebook PDF Instant Download/Delivery:  978-0262026543, 0262026543
Full download The Equilibrium Manifold Postmodern Developments in the Theory of General Economic Equilibrium Arne Ryde Memorial Lecture Series 1st Edition after payment

Product details: 

ISBN 10:   0262026543

ISBN 13: 978-0262026543

Author: Yves Balasko

A leading scholar in the field presents post-1970s developments in the theory of general equilibrium, unified by the concept of equilibrium manifold.

In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the application of the methods of differential topology to the study of the equilibrium equation.

Balasko’s rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium’s evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold.

Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern” developments of the Arrow-Debreu model improve our understanding of modern market economies.

Table of contents: 

Chapter 1. The First Two Phases of General Equilibrium Theory
1.1 Introduction
1.2 The Arrow-Debreu Model: Assumptions and Notation
1.3 First Phase, or Rational General Equilibrium Theory
1.4 Second Phase, or Modern General Equilibrium Theory
1.5 Limitations of Modern General Equilibrium Theory
1.6 Limitations of the Absolute Perspective
1.7 Notes and Comments

Chapter 2. The Equilibrium Manifold and the Natural Projection
2.1 Introduction
2.2 Equilibrium Manifold
2.3 Concepts
2.4 Smooth Manifold Structure of the Equilibrium Manifold
2.5 Natural Projection
2.6 Structure of the Equilibrium Manifold over the Set of Regular Economies
2.7 Genericity of Regular Economies
2.8 Economies with a Large Number of Equilibria
2.9 Conclusion
2.10 Notes and Comments

Chapter 3. The Set of No-Trade Equilibria
3.1 No-Trade Equilibria
3.2 Structure of the Set of No-Trade Equilibria
3.3 The Two Theorems of Welfare Economics Revisited
3.4 Notes and Comments

Chapter 4. The Global Structure of the Equilibrium Manifold
4.1 Some Mathematical Concepts
4.2 Linear Fibers of the Equilibrium Manifold
4.3 Global Properties of the Equilibrium Manifold
4.4 Coordinates for the Equilibrium Manifold
4.5 Applications of the Coordinate Systems
4.6 Application to the Natural Projection
4.7 Regular Equilibria and Their Genericity
4.8 Application to Some Properties of Equilibria
4.9 Conclusion
4.10 Notes and Comments

Chapter 5. The Equilibrium Equation and Its Geometric Interpretation
5.1 Introduction
5.2 Geometric Formulation of the Equilibrium Equation
5.3 Geometric Interpretation
5.4 Structure of the Section Manifold B(r)
5.5 Another Useful Diffeomorphism Involving the Section Manifold
5.6 Indirect Utility Functions
5.7 Section Manifold and Indirect Utilities: Special Case (l,m) = (2,2)
5.8 Section Manifold and Indirect Utilities: General Case
5.9 Geometric Equilibrium Manifold
5.10 Application of the Geometric Approach to Genericity
5.11 Global Properties of the Geometric Equilibria
5.12 Number and Determinateness of Equilibria
5.13 Conclusion
5.14 Notes and Comments

Chapter 6. Economies with Price-Dependent Utility Functions
6.1 Introduction
6.2 Consumer’s Theory with Price-Dependent Utility Functions
6.3 Equilibrium Manifold
6.4 Natural Projection
6.5 Conclusion
6.6 Notes and Comments

Chapter 7. Out-of-Equilibrium Price Dynamics
7.1 Introduction
7.2 Structure of the Exchange Process
7.3 Scenario: Endogenous Money Creation
7.4 Alternative Scenario: Fiat Money, Bid and Selling Prices Endogenously Determined
7.5 D-Dynamics (Discrete Time)
7.6 C-Dynamics (Continuous Time)
7.7 Classes of C-Stable Equilibria
7.8 Pathconnectedness of the Set of Extended C-Stable Equilibria
7.9 Conclusion
7.10 Notes and Comments

Chapter 8. Economic Fluctuations and the Arrow-Debreu Model
8.1 Introduction
8.2 Intertemporal Arrow-Debreu Model
8.3 Long-Run Equilibria: Fully Unrestricted Case
8.4 Long-Run Equilibria: Fully Restricted Case
8.5 Long-Run Equilibria: General Case
8.6 Conclusion
8.7 Notes and Comments

Chapter 9. The Temporary Equilibrium Model
9.1 Introduction
9.2 General Two-Period Model with Financial Assets
9.3 The Temporary Equilibrium Model
9.4 Properties of Temporary Equilibria
9.5 Conclusion
9.6 Notes and Comments

Appendix. The Set of Pareto Optima and Its Parameterizations
A.1 Sets of Feasible Utility Levels
A.2 Classical Optimization Problem for Pareto Optima
A.3 The Map Re(r,·): Us(r) → X⁺¹
A.4 Set of Pareto Optima and Feasible Utility Levels
A.5 Structure of Us(r)
A.6 Application to the Set of Pareto Optima P(r)
A.7 Making Total Resources Variable: The Set Ux
A.8 Set of Pareto Optima P(r) and Boundary of the Set Um(r)

People also search for:

    
the equilibrium manifold postmodern developments
    
the equilibrium theory of inhomogeneous polymers pdf
    
equilibrium manifold
    
the emergence of postmodernity
    
the postmodern psyche

Tags: Yves Balasko, The Equilibrium, Manifold Postmodern, in the Theory