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17 Νοε 2016 · The Arrow–Debreu model of general equilibrium is relentlessly neoclassical; in fact it has become the paradigm of the neoclassical approach. This stems in part from its individualistic hypothesis, and its celebrated conclusions about the potential efficacy of unencumbered markets.
It is not easy to separate the significance and influence of the Arrow–Debreu model of general equilibrium from that of mathematical economics itself. In an extraordinary series of papers (Arrow, 1951 ; Debreu, 1951; Arrow–Debreu, 1954), two of the oldest...
The limited use of the Arrow-Debreu model, which became dominant after the capital debates, in terms of policymaking, is central to understand the persistence of policy guided by the...
The GE models have consumers endowed with factors, production processes that demand factors and produce consumer goods, and equilibrium is a vector of prices that equilibrate supply and demand in all markets. In the early models, production processes are linear and prices are such that costs are just covered. Walras-Cassel I Demand functions ...
Debreu said: "To some-body trained in the uncom promising rigor of Bourbaki, counting equations and unknowns in the Walrasian system could not be satisfactory, and the nagging question of existence was posed" (Debreu 1992, 89). Then, "In the sum mer of 1950, [Kenneth] Arrow, at the Second Berkeley Symposium on Mathematical Statistics
This paper formalizes two economic models in Isabelle/HOL: the pure exchange economy, where the only economic actors are consumers, as well as a version of the Arrow-Debreu Model, a private ownership economy, which includes production facilities.
The class of general equilibrium models of Arrow (1964), Debreu (1959), McKenzie (1959), and others is an excellent starting point for the study of actual economies. On the positive side, this class of models can be used to address the standard macroeconomic concerns of inflation, growth, and unemployment, and also more general phenomena such ...
