Computational Aspects of General Equilibrium Theory: Refutable Theories of Value (Lecture Notes in Economics and Mathematical Systems (604))

This monograph presents a general equilibrium methodology for microeconomic policy analysis intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu's Theory of Value (1959) or Arrow and Hahn's General Competitive Analysis (1971). The methodology proposed in this monograph does not presume the existence of market equilibrium, accepts the inherent indeterminancy of nonparametric general equilibrium models, and offers effective algorithms for computing counterfactual equilibria in these models. It consists of several essays written over the last decade, some with colleagues or former graduate students, and an appendix by Charles Steinhorn on the elements of O-minimal structures, the mathematical framework for our analysis Refutable Theories Of Value / Donald J. Brown, Felix Kubler -- Testable Restrictions On The Equilibrium Manifold / Donald J. Brown, Rosa L. Matzkin -- Uniqueness, Stability, And Comparative Statics In Retionalizable Walrasian Markets / Donald J. Brown, Chris Shannon -- The Nonparametric Approach To Applied Welfare Analysis / Donald J. Brown, Caterina Calsamiglia -- Competition, Consumer Welfare, And The Social Cost Of Monopoly / Yoon-ho Alex Lee, Donald J. Brown -- Two Algorithms For Solving The Walrasian Equilibrium Inequalities / Donald J. Brown, Ravi Kannan -- Is Intertemporal Choice Theory Testable? / Felix Kubler -- Observable Restrictions Of General Equilibrium Models With Financial Markets / Felix Kubler -- Approximate Generalizations And Computational Experiments / Felix Kubler -- Approximate Versus Exact Equilibria In Dynamic Economics / Felix Kubler, Karl Schmedders -- Tame Topology And O-minimal Structures / Charles Steinhorn. Donald Brown, Felix Kubler. Includes Bibliographical References. This monograph presents a general equilibrium methodology for microeconomic policy analysis. It is intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu`s Theory of Value (1959) or Arrow and Hahn`s General Competitive Analysis (1971). The monograph consists of several essays written over the last decade. It also contains an appendix by Charles Steinhorn on the elements of O-minimal structures.