How to Compute Equilibrium Prices in 1891

William C. Brainard () and Herbert Scarf
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William C. Brainard: Cowles Foundation, Yale University, https://economics.yale.edu/people/emeritus/william-brainard

No 1272, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society's endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report the results of simulating the mechanical/hydraulic "machine," illustrating the ability of the apparatus to "compute" equilibrium prices and also to find multiple equilibria.

Keywords: Fisher; general equilibrium; hydraulic apparatus; equilibrium prices; computable general equilibrium; algorithms (search for similar items in EconPapers)
JEL-codes: B13 B31 C63 C68 D58 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2000-08
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Citations: View citations in EconPapers (19)

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Journal Article: How to Compute Equilibrium Prices in 1891 (2005)
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