Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria

Donald Brown () and Ravi Kannan ()
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Ravi Kannan: Computer Science, Yale University

No 1426, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities.

Keywords: Applied general equilibrium analysis; Walrasian inequalities; O-minimal structures; Monte Carlo algorithms (search for similar items in EconPapers)
JEL-codes: C62 C63 D51 D58 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2003-06
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (4)

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