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Learn about the economic theory that explains the behavior of supply, demand, and prices in a whole economy with several or many interacting markets. Explore the history, methods, and applications of general equilibrium theory, from Walras to Arrow and Debreu.
16 Αυγ 2024 · General equilibrium theory explains how all markets in an economy interact and tend toward a balance. Learn about its origins, limitations, and contrast with partial equilibrium theory and Austrian economics.
30 Οκτ 2023 · General Equilibrium Theory shows how supply and demand in a multi-market economy interact and create an equilibrium of prices. French economist Léon Walras is credited with developing and...
Learn the basic concepts and properties of general equilibrium analysis, a theory of how prices coordinate and balance supply and demand in an economy. The notes cover the Walrasian model, the welfare theorems, existence, uniqueness, stability, and production and time in general equilibrium.
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models.
A comprehensive overview of general equilibrium theory, covering consumer theory, exchange and production economies, welfare theorems, core, partial equilibrium, matching, uncertainty, asset pricing and large economies. The notes are based on Mas-Colell et al. (1995) and Bewley (2009), and include advanced topics and applications.
A practical guide to CGE models for undergraduate students and professionals. Learn the economic theory, structure, database, and applications of CGE models with examples and exercises.
