A Market with Autonomous Economic Decision Makers: Features of the CGE Model

Ronny Norén
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Ronny Norén: Mid Sweden University

Chapter Chapter 4 in Equilibrium Models in an Applied Framework, 2013, pp 55-71 from Springer

Abstract: Abstract Alternative to the standard linear programming model in the previous chapter, where the central planner is the maximising actor, economic models have been developed that attempt to capture the endogenous role of prices and the workings of the market system, where the essence of the general equilibrium problem is the reconciliation of maximising decisions made separately and independently by various actors. The objective of this literature is to convert the Walrasian general equilibrium structure, from an abstract representation of an ideal economy (Arrow and Debreu model 1954) into numerical estimates of actual economies.

Keywords: General Equilibrium; Foreign Currency; Computable General Equilibrium; Computable General Equilibrium Model; World Market Price (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-642-34994-2_4

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DOI: 10.1007/978-3-642-34994-2_4

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