General equilibrium

Monique Florenzano

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Abstract: Unlike partial equilibrium analysis which study the equilibrium of a particular market under the clause "ceteris paribus" that revenues and prices on the other markets stay approximately unaffected, the ambition of a general equilibrium model is to analyze the simultaneous equilibrium in all markets of a competitive economy. Definition of the abstract model, some of its basic results and insights are presented. The important issues of uniqueness and local uniqueness of equilibrium are sketched ; they are the condition for a predictive power of the theory and its ability to allow for statics comparisons. Finally, we review the main extensions of the general equilibrium model. Besides the natural extensions to infinitely many commodities and to a continuum of agents, some examples show how economic theory can accommodate the main ideas in order to study some contexts which were not thought of by the initial model.

Keywords: incomplete markets; Commodity space; price space; exchange economy; production economy; feasible allocations; equilibrium; quasi-equilibrium; Pareto optimum; core; edgeworth equilibrium allocutions; time and uncertainty; continuum economies; non-convexities; public goods; incomplete markets.; Espace des biens; espace des prix; économie d'échange; économie de production; allocations réalisables; équilibre; quasi-équilibre; optimum de Pareto; coeur; équilibres d'Edgeworth; temps et incertitude; économies continues; non convexités; biens publics; marchés incomplets. (search for similar items in EconPapers)
Date: 2007-12
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Published in 2007

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Related works:
Working Paper: General equilibrium (2008)
Working Paper: General equilibrium (2007)
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