Green / Scheinkman General Equilibrium, Growth, and Trade

Essays in Honor of Lionel McKenzie
1. Auflage 2014
ISBN: 978-1-4832-7145-3
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 422 Seiten, Web PDF

General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research, namely, international trade, economic growth, and general equilibrium theory. This book highlights the main aspects of McKenzie's work. Organized into three parts encompassing 21 chapters, this book begins with an overview of the regularizing effects of aggregation over nonregular microrelations. This text then examines the theory of a multiperiod monopolist incurring nonseparable labor adjustment costs, which is developed when investment is irreversible. Other chapters consider the behavior of a price-maker in a competitive market as a preliminary step to a more complete analysis of pure competition. This book discusses as well the effects of uncertainty on optimal decisions, which constitutes an increasingly essential area of economic research. The final chapter deals with the general equilibrium macroeconomic model. This book is a valuable resource for economists and economic theorists.

Autoren/Hrsg.

Green, Jerry R.

Scheinkman, Josè Alexandre

Inhaltsverzeichnis

1;Front Cover;1
2;General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie;4
3;Copyright Page;5
4;Table of Contents;6
5;LIST OF CONTRIBUTORS;12
6;PREFACE;16
7;Chapter 1.
Introduction;20
7.1;REFERENCES;27
8;Part 1:
GENERAL EQUILIBRIUM;30
8.1;Chapter 2. Continuously Dispersed Preferences, Regular Preference-Endowment Distribution, and Mean Demand Function;32
8.1.1;1. INTRODUCTION;32
8.1.2;2. MODEL AND THE STATEMENT OF RESULTS;33
8.1.3;REFERENCES;42
8.2;Chapter 3. Employment Policies for the Multiperiod Monopolist-Monopsonist with Implications for Macroeconomic Control;44
8.2.1;I. INTRODUCTION;44
8.2.2;II. THE MODEL OF THE MULTIPERIOD MONOPOLIST-MONOPSONIST;46
8.2.3;III. OPTIMAL INPUT POLICIES;48
8.2.4;IV. THE SENSITIVITY OF OPTIMAL POLICIES TO PRICE PARAMETERS;53
8.2.5;V. CONCLUSION: DISEQUILIBRIUM COMPARATIVE STATICS AND MACROECONOMIC POLICY;58
8.2.6;REFERENCES;60
8.3;Chapter 4. A Stable Price Adjustment Process;62
8.3.1;REFERENCES;68
8.4;Chapter 5. Price Adjustment in a Competitive Market and the Securities Exchange Specialist;70
8.4.1;I. INTRODUCTION;70
8.4.2;II. THE TRADING PROCESS;72
8.4.3;III. THE SPECIALIST'S ACTIVITIES AND SECURITY PRICES;77
8.4.4;IV. PRICE VARIABILITY;85
8.4.5;V. A DIGRESSION ON THE BID–ASK SPREAD;89
8.4.6;VI. CONCLUSIONS;90
8.4.7;APPENDIX. VERIFICATION OF OPTIMAL BEHAVIOR;91
8.4.8;REFERENCES;95
8.5;Chapter 6. An Infinite Horizon Model with Money;98
8.5.1;THE INDIVIDUAL AGENTS;100
8.5.2;A CHARACTERIZATION OF MAXIMAL SEQUENCES;104
8.5.3;EQUILIBRIUM;109
8.5.4;THE EXISTENCE OF EQUILIBRIUM AND EQUIVALENT GOVERNMENT POLICIES;113
8.5.5;CONCLUSION;122
8.5.6;REFERENCES;123
8.6;Chapter 7. Consumption under Uncertainty;124
8.6.1;APPENDIX;140
8.6.2;REFERENCES;142
8.7;Chapter 8. Balanced Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points for Two or More Agents;144
8.7.1;1. THE NASH-WALRAS EQUIVALENCE FOR TWO OR MORE AGENTS;145
8.7.2;2. THE NASH-LINDAHL EQUIVALENCE FOR TWO OR MORE AGENTS;153
8.7.3;REFERENCES;155
8.8;Chapter 9.
Stochastic Stability of Market Adjustment in Disequilibrium;158
8.8.1;1. INTRODUCTION;158
8.8.2;2. THE STOCHASTIC STABILITY THEOREM;160
8.8.3;REFERENCES;168
8.9;Chapter 10. Identifiability of the von Neumann-Morgenstern Utility Function from Asset Demands;170
8.9.1;REFERENCES;179
9;Part 2: GROWTH;182
9.1;Chapter 11. An Integration of Stochastic Growth Theory and the Theory of Finance, Part I: The Growth Model;184
9.1.1;1. INTRODUCTION;184
9.1.2;2. THE OPTIMAL GROWTH MODEL;186
9.1.3;APPENDIX. SECTION2;198
9.1.4;REFERENCES;209
9.2;Chapter 12. Fair Division of a Random Harvest: The Finite Case;212
9.2.1;1. INTRODUCTION;212
9.2.2;2. PRELIMINARY SIMPLIFICATIONS;214
9.2.3;3. THE KUHN–TUCKER THEOREM;215
9.2.4;4. PROOF OF THE MAIN THEOREM;215
9.2.5;REFERENCE;217
9.3;Chapter 13. Characterizing Inefficiency of Infinite–Horizon Programs in Nonsmooth Technologies;218
9.3.1;1. INTRODUCTION;218
9.3.2;2. THE MODEL;220
9.3.3;3. SOME GENERAL CHARACTERIZATION RESULTS;221
9.3.4;4. COMPLETE CHARACTERIZATIONS IN SMOOTH TECHNOLOGIES;225
9.3.5;5. PARTIAL CHARACTERIZATIONS IN GOLDEN-RULE TECHNOLOGIES;227
9.3.6;6. A SPECIAL CASE OF FLATS AND KINKS;231
9.3.7;REFERENCES;234
9.4;Chapter 14. Notes on Comparative Dynamics;236
9.4.1;1. INTRODUCTION;236
9.4.2;2. THE MODEL;237
9.4.3;3. A GENERAL RESULT;240
9.4.4;4. A RESULT INVOLVING DIAGONAL DOMINANCE;241
9.4.5;5. A FURTHER REMARK;244
9.4.6;REFERENCES;244
9.5;Chapter 15. Efficient Intertemporal Allocation, Consumption-Value Maximization, and Capital-Value Transversality: A Unified View;246
9.5.1;I. INTRODUCTION AND SUMMARY;246
9.5.2;II. FUNDAMENTAL SUPPORT PROPERTIES;248
9.5.3;III. GENERAL GROWTH MODEL;252
9.5.4;IV. CHARACTERIZATION OF EFFICIENCY;254
9.5.5;V. EFFICIENCY AND CONSUMPTION-VALUE MAXIMIZATION;259
9.5.6;VI. OPTIMALITY (OR CONSUMPTION-VALUE MAXIMIZATION) AND CAPITAL-VALUE TRANSVERSALITY;263
9.5.7;VII. COMPLICATIONS FROM PRIMARY FACTORS;265
9.5.8;VIII. ALTERNATIVE NOTIONS OF OPTIMALITY;270
9.5.9;APPENDIX A;273
9.5.10;APPENDIX .;277
9.5.11;REFERENCES;290
10;Part 3:
TRADE;294
10.1;Chapter 16. The Theory and Application of Trade Utility Functions;296
10.1.1;1. INTRODUCTION;296
10.1.2;2. DEFINITIONS AND PRELIMINARY RESULTS;297
10.1.3;3. THE TRADE UTILITY FUNCTION;301
10.1.4;4. THE TRADE DEMAND CORRESPONDENCE;304
10.1.5;5. THE CASE OF A DIFFERENTIABLE TRADE DEMAND FUNCTION;308
10.1.6;6. TREATMENT IN TERMS OF INVERSE DEMAND FUNCTIONS;309
10.1.7;REFERENCES;313
10.2;Chapter 17.
A Model of Trade and Unemployment;316
10.2.1;I. INTRODUCTION;316
10.2.2;II. PRELIMINARY MODELS;319
10.2.3;III. PRODUCTION RELATIONSHIPS;320
10.2.4;IV. REAL EXPENDITURE AND THE DEMAND FOR NONTRADABLES;322
10.2.5;V. A FALL IN THE WAGE RATE;325
10.2.6;VI. CURRENCY DEVALUATION;329
10.2.7;VII. LONG-RUN ADJUSTMENTS;332
10.2.8;VIII. CONCLUDING REMARKS;339
10.2.9;REFERENCES;340
10.3;Chapter 18. Two Propositions on the Global Univalence of Systems of Cost Function;342
10.3.1;I. INTRODUCTION AND STATEMENT OF RESULTS;342
10.3.2;II. PROOFS;346
10.3.3;REFERENCES;349
10.4;Chapter 19. On the Concepts of Factor Intensities and the Relation between Commodity Prices and Factor Rewards;352
10.4.1;1. INTRODUCTION;352
10.4.2;2. GENERAL FORMULATION;354
10.4.3;3. THE CONCEPTS OF FACTOR INTENSITIES;357
10.4.4;4. ECONOMIC INTERPRETATION OF FACTOR INTENSITY CONDITIONS;363
10.4.5;REFERENCES;364
10.5;Chapter 20. Factor Price Equalization with More Industries Than Factors;366
10.5.1;1. INTRODUCTION;366
10.5.2;2. DEFINITIONS;367
10.5.3;3. THREE THEOREMS;368
10.5.4;4. EXAMPLES AND CONCLUSIONS;371
10.5.5;REFERENCES;372
10.6;Chapter 21. The General Equilibrium Framework of Economic Analysis: Stocks and Flows—With Special Application to Macroeconomic Models;374
10.6.1;I. STOCKS AND FLOWS;376
10.6.2;II. THE FRAMEWORK OF MACROEQUILIBRIUM;392
10.6.3;III. A HISTORICAL NOTE;398
10.6.4;REFERENCES;417
11;ECONOMIC THEORY, ECONOMETRICS, AND
MATHEMATICAL ECONOMICS;421