Cover: General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory, from Harvard University PressCover: General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory in HARDCOVER

General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory

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HARDCOVER

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$100.00 • £86.95 • €90.95

ISBN 9780674022881

Publication Date: 02/28/2007

Short

614 pages

6-3/8 x 9-1/4 inches

138 line illustrations

World

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Related Subjects

  • Acknowledgments
  • 1. Why Study General Equilibrium?
  • 2. The General Equilibrium Model
    • Commodities
    • Allocations
    • Utility Functions
    • Economies
  • 3. Economic Efficiency
    • Definition of Pareto Optimality
    • Existence of Pareto Optimal Allocations; The Bolzano–Weierstrass Theorem
    • The Utility Possibility Frontier
    • The Calculation of Pareto Optima; Homogeneous Functions
    • Pareto Optimality and Optimality: Minkowski’s Separation Theorem
    • The Structure of the Utility Possibility Frontier
    • Compactness of the Set of Feasible Allocations
    • Problem Set
  • 4. Competitive Equilibrium
    • The Definition of Competitive Equilibrium
    • Properties of Market Excess Demand and Equilibrium
    • Offer Curves
    • Equilibrium with Constant Returns to Scale
    • Computation of Competitive Equilibrium in Simple Examples
    • Aggregate Input-Output Possibility Sets
    • An Incomplete Theorem on the Existence of Equilibrium
    • A Complete Theorem on the Existence of Equilibrium
    • An Example of Discontinuous Behavior of Equilibria
    • Problem Set
  • 5. The Welfare Theorems
    • The First Welfare Theorem
    • The Second Welfare Theorem
    • Another Complete Theorem on the Existence of Equilibrium
    • Problem Set
  • 6. The Kuhn–Tucker Approach to General Equilibrium Theory
    • Kuhn–Tucker Theorem
    • Kuhn–Tucker Coefficients
    • The Kuhn–Tucker Interpretation of Competitive Equilibrium
    • The Differentiable Case
    • Proof of the Kuhn&ndsah;Tucker Theorem
    • Problem Set
  • 7. Arrow–Debreu Equilibrium
    • The Arrow–Debreu Model
    • Arrow Equilibrium
    • Insurance
    • Incomplete Markets and the Definition of Profit Maximization
    • Problem Set
  • 8. Rational Expectations Equilibrium and the Permanent Income Hypothesis
    • The Permanent Income Hypothesis
    • Rational Expectations Equilibrium
    • Short-Run Equilibrium
    • Consumer Surplus
    • The Stability of Short-Run Equilibrium
    • Problem Set
  • 9. Samuelson’s Overlapping Generations Model
    • Overlapping Generations with a Finite Time Horizon
    • Inefficiency with an Infinite Horizon
    • Pareto Optimal Equilibria
    • Stationary Discounted Optima and Equilibria
    • Nonuniqueness of Equilibrium
    • Discounted Optimality and Equilibrium
    • Undiscounted Optimality and Equilibrium
    • Uniqueness of Optimal Allocations
    • Existence of Optimal Allocations
    • Problem Set
  • 10. The One-Sector Growth and Diamond Overlapping Generations Models
    • The One-Sector Diamond and Optimal Growth Models
    • Inefficiency
    • Pareto Optimal Equilibria
    • Stationary Discounted Optima and Equilibria
    • Social Security
    • Population Growth
    • Discounted Optimal and Equilibrium Allocations
    • Discounted Optimal and Equilibrium Programs
    • Program Efficiency and the Hahn Problem
    • Euler’s Equation
    • Policy Functions and the Value Function
    • The Turnpike Theorem
    • Equilibrium, Optimality, and the Turnpike Theorem in the Undiscounted Case
    • Existence of Optimal Allocations and Programs
    • Problem Set
  • 11. A Critical Assessment
  • References
  • Index

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