General equilibrium models and homotopy methods

B. Curtis Eaves; Karl H Schmedders

doi:10.1016/s0165-1889(98)00073-6

General equilibrium models and homotopy methods

B. Curtis Eaves^*, Karl H Schmedders

^*Corresponding author for this work

EMBA Evanston

Research output: Contribution to journal › Article › peer-review

43 Scopus citations

Abstract

Our purpose is to argue the inevitable and lasting role which homotopy methods will play in both theoretical and applied economic analysis. The essence of our position is that large equilibrium models are needed to anticipate adjustments in the economy following policy changes or shock events, and that homotopy methods are needed to analyze these equilibrium models. In addition to the computation of equilibria, homotopy methods will play an important role in the study of multiplicity of equilibria, tâtonnement, comparative statics, and market instability.

Original language	English (US)
Pages (from-to)	1249-1279
Number of pages	31
Journal	Journal of Economic Dynamics and Control
Volume	23
Issue number	9-10
DOIs	https://doi.org/10.1016/s0165-1889(98)00073-6
State	Published - Sep 1999

Keywords

AGE
CGE
Computation
General equilibria
Homotopies
Instability
Tâtonnement

ASJC Scopus subject areas

Economics and Econometrics
Control and Optimization
Applied Mathematics

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AB - Our purpose is to argue the inevitable and lasting role which homotopy methods will play in both theoretical and applied economic analysis. The essence of our position is that large equilibrium models are needed to anticipate adjustments in the economy following policy changes or shock events, and that homotopy methods are needed to analyze these equilibrium models. In addition to the computation of equilibria, homotopy methods will play an important role in the study of multiplicity of equilibria, tâtonnement, comparative statics, and market instability.

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KW - Computation

KW - General equilibria

KW - Homotopies

KW - Instability

KW - Tâtonnement

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