General Equilibrium, Growth, and Trade
Essays in Honor of Lionel McKenzie
- 1st Edition - January 28, 1979
- Imprint: Academic Press
- Editors: Jerry R. Green, Josè Alexandre Scheinkman
- Language: English
- Paperback ISBN:9 7 8 - 1 - 4 8 3 2 - 3 9 7 5 - 0
- eBook ISBN:9 7 8 - 1 - 4 8 3 2 - 7 1 4 5 - 3
General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research,… Read more
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Request a sales quoteGeneral Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research, namely, international trade, economic growth, and general equilibrium theory. This book highlights the main aspects of McKenzie's work. Organized into three parts encompassing 21 chapters, this book begins with an overview of the regularizing effects of aggregation over nonregular microrelations. This text then examines the theory of a multiperiod monopolist incurring nonseparable labor adjustment costs, which is developed when investment is irreversible. Other chapters consider the behavior of a price-maker in a competitive market as a preliminary step to a more complete analysis of pure competition. This book discusses as well the effects of uncertainty on optimal decisions, which constitutes an increasingly essential area of economic research. The final chapter deals with the general equilibrium macroeconomic model. This book is a valuable resource for economists and economic theorists.
List of Contributors
Preface
Introduction
References
Part 1 General Equilibrium
Continuously Dispersed Preferences, Regular Preference-Endowment Distribution, and Mean Demand Function
1. Introduction
2. Model and the Statement of Results
3. Proofs
References
Employment Policies for the Multiperiod Monopolist-Monopsonist with Implications for Macroeconomic Control
I. Introduction
II. The Model of the Multiperiod Monopolist- Monopsonist
III. Optimal Input Policies
IV. The Sensitivity of Optimal Policies to Price Parameters
V. Conclusion: Disequilibrium Comparative Statics and Macroeconomic Policy
References
A Stable Price Adjustment Process
References
Price Adjustment in a Competitive Market and the Securities Exchange Specialist
I. Introduction
II. The Trading Process
III. The Specialist's Activities and Security Prices
IV. Price Variability
V. A Digression on the Bid-Ask Spread
VI. Conclusions
Appendix. Verification of Optimal Behavior
References
An Infinite Horizon Model with Money
The Individual Agents
A Characterization of Maximal Sequences
Equilibrium
The Existence of Equilibrium and Equivalent
Government Policies
Conclusion
References
Consumption under Uncertainty
Appendix
References
Balanced Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points for Two or More Agents
1. The Nash-Walras Equivalence for Two or More Agents
2. The Nash-Lindahl Equivalence for Two or More Agents
References
Stochastic Stability of Market Adjustment in Disequilibrium
1. Introduction
2. The Stochastic Stability Theorem
References
Identifiability of the von Neumann-Morgenstern Utility Function from Asset Demands
References
Part 2 Growth
An Integration of Stochastic Growth Theory and the Theory of Finance, Part I: The Growth Model
1. Introduction
2. The Optimal Growth Model
Appendix. Section 2
References
Fair Division of a Random Harvest: The Finite Case
1. Introduction
2. Preliminary Simplifications
3. The Kuhn- Tucker Theorem
4. Proof of the Main Theorem
References
Characterizing Inefficiency of Infinite-Horizon Programs in Nonsmooth Technologies
1. Introduction
2. The Model
3. Some General Characterization Results
4. Complete Characterizations in Smooth Technologies
5. Partial Characterizations in Golden-Rule Technologies
6. A Special Case of Flats and Kinks
References
Notes on Comparative Dynamics
1. Introduction
2. The Model
3. A General Result
4. A Result Involving Diagonal Dominance
5. A Further Remark
References
Efficient Intertemporal Allocation, Consumption-Value Maximization, and Capital-Value Transversality: A Unified View
I. Introduction and Summary
II. Fundamental Support Properties
III. General Growth Model
IV. Characterization of Efficiency
V. Efficiency and Consumption-Value Maximization
VI. Optimality (or Consumption-Value Maximization) and Capital-Value Transversality
VII. Complications from Primary Factors
VIII. Alternative Notions of Optimality
Appendix A
Appendix Β
References
Part 3 Trade
The Theory and Application of Trade Utility Functions
1. Introduction
2. Definitions and Preliminary Results
3. The Trade Utility Function
4. The Trade Demand Correspondence
5. The Case of a Differentiable Trade Demand Function
6. Treatment in Terms of Inverse Demand Functions
References
A Model of Trade and Unemployment
I. Introduction
II. Preliminary Models
III. Production Relationships
IV. Real Expenditure and the Demand for Nontradables
V. A Fall in the Wage Rate
VI. Currency Devaluation
VII. Long-Run Adjustments
VIII. Concluding Remarks
References
Two Propositions on the Global Univalence of Systems of Cost Function
I. Introduction and Statement of Results
II. Proofs
References
On The Concepts of Factor Intensities and the Relation Between Commodity Prices and Factor Rewards
1. Introduction
2. General Formulation
3. The Concepts of Factor Intensities
4. Economic Interpretation of Factor Intensity Conditions
References
Factor Price Equalization with More Industries Than Factors
1. Introduction
2. Definitions
3. Three Theorems
4. Examples and Conclusions
References
The General Equilibrium Framework of Economic Analysis: Stocks and Flows—with Special Application to Macroeconomic Models
I. Stocks and Flows
II. The Framework of Macroequilibrium
III. A Historical Note
References
- Edition: 1
- Published: January 28, 1979
- No. of pages (eBook): 422
- Imprint: Academic Press
- Language: English
- Paperback ISBN: 9781483239750
- eBook ISBN: 9781483271453
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