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

53 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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10.1016/s0165-1889(98)00073-6

Cite this

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title = "General equilibrium models and homotopy methods",

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, t{\^a}tonnement, comparative statics, and market instability.",

keywords = "AGE, CGE, Computation, General equilibria, Homotopies, Instability, T{\^a}tonnement",

author = "Eaves, {B. Curtis} and Schmedders, {Karl H}",

note = "Funding Information: The authors are grateful to T.Y. Li and John B. Shoven for helpful discussions and to Kenneth Arrow, Robert Earle, Thorsten Hens, Jean-Jacques Herings, Felix Kubler, and two anonymous referees for comments on an earlier edition. The authors gratefully acknowledge the support of the National Science Foundation, Grant DMS-9502892, and of Deutsche Forschungsgemeinschaft, respectively. ",

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T1 - General equilibrium models and homotopy methods

AU - Eaves, B. Curtis

AU - Schmedders, Karl H

N1 - Funding Information: The authors are grateful to T.Y. Li and John B. Shoven for helpful discussions and to Kenneth Arrow, Robert Earle, Thorsten Hens, Jean-Jacques Herings, Felix Kubler, and two anonymous referees for comments on an earlier edition. The authors gratefully acknowledge the support of the National Science Foundation, Grant DMS-9502892, and of Deutsche Forschungsgemeinschaft, respectively.

PY - 1999/9

Y1 - 1999/9

N2 - 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.

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.

KW - AGE

KW - CGE

KW - Computation

KW - General equilibria

KW - Homotopies

KW - Instability

KW - Tâtonnement

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DO - 10.1016/s0165-1889(98)00073-6

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EP - 1279

JO - Journal of Economic Dynamics and Control

JF - Journal of Economic Dynamics and Control

SN - 0165-1889

IS - 9-10

ER -

General equilibrium models and homotopy methods

Abstract

Keywords

ASJC Scopus subject areas

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