1,786 research outputs found
On the number of critical equilibria separating two equilibria
No full textIt is shown that two arbitrary equilibria in the general equilibrium model without sign restrictions on endowments can be joined by a continuous equilibrium path that contains at most two critical equilibria. This property is strengthened by showing that regular equilibria having an index equal to one, a necessary condition for stability, can be joined by a path containing no critical equilibrium. These properties follow from the real-algebraic nature of the set of critical equilibria in any fiber of the equilibrium manifold.Equilibrium prices, equilibrium manifold, equilibrium path, critical equilibrium, catastrophe
Pareto : improving default
No full textFil: Balasko, Yves. Universidad de San Andrés. Departamento de Economía; Argentina.Fil: Kawamura, Enrique. Universidad de San Andrés. Departamento de Economía; Argentina.This paper answers the question of whether non-strategic default improves welfare, not
only for borrowers with uncertain future income but also for lenders with certain future
endowments, relative to no default. We show that the answer is a¢ rmative for a positive-
Lebesgue-measure set of individual endowments. Numerical computations show that the
size of such endowment set is larger the larger are both the risk aversion and the probability
of default. Other numerical examples show that with defaultable securities lenders may
nance the purchase of the latter by selling short default-free assets. This portfolio reminds
those of hedge-funds such as LTCM
Fondements de la théorie de l'équilibre général / Yves Balasko
No full textContient une table des matièresAvec mode text
General Equilibrium without Utility Functions: How far to go?
No full textHow far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to require transitivity and completeness of consumers’ preferences. We show in this paper that if consumers’ non-ordered preferences satisfy a mild version of convexity already considered in the literature, then the following properties are also satisfied: 1) the smooth manifold structure and the diffeomorphism of the equilibrium manifold with a Euclidean space; 2) the diffeomorphism of the set of no-trade equilibria with a Euclidean space; 3) the openness and genericity of the set of regular equilibria as a subset of the equilibrium manifold; 4) for small trade vectors, the uniqueness, regularity and stability of equilibrium for two version of tatonnement; 5) the pathconnectedness of the sets of stable equilibria.general equilibrium; equilibrium manifold; natural projection; demand functions
Equilibrium Data Sets and Compatible Utility Rankings
No full textSets consisting of finite collections of prices and endowments such that total resources are constant, or collinear, or approximately collinear, can always be viewed as subsets of some equilibrium manifold. The additional requirement that such collections of price-endowment data are compatible with some individual preference rankings is reduced to the existence of solutions to some set of linear inequalities and equalities. This characterization enables us to give simple proofs of the contractibility of the set whose elements are finite equilibrium data collections compatible with given individual preference rankings and the path-connectedness of the set made of finite equilibrium data set.
Yves-Heng Lim
No full textYves-Heng Lim est enseignant-chercheur au Département d’Etudes de Sécurité et de Criminologie de l’Université Macquarie, Sydney. Il est l’auteur de China’s Naval Power: An Offensive Realist Approach (Ashgate, 2014). Yves-Heng Lim is a lecturer at the Department of Security Studies and Criminology, Macquarie University. He is the author of China’s Naval Power: An Offensive Realist Approach (Ashgate, 2014)
A geometric approach to the transfer problem
No full textEl presente documento contiene una recopilación de terminología y resultados de la Teoría Moderna de Equilibrio General que es utilizada por Yves Balasko en su caracterización del problema de transferencia en su artículo de 2014 llamado The transfer problem: A complete characterization. Esta caracterización está basada en el número índice asociado con un equilibrio walrasiano regular de manera tal que la inestabilidad del equilibrio es equivalente a la existencia de un problema de transferencia en una economía de intercambio puro.This document contains a compilation of terminology and results of the Modern General Equilibrium Theory that are used by Yves Balasko in his characterization of the transfer problem obtained in his 2014 article called The transfer problem: A complete characterization. This characterization is based on the concept of index number associated with a regular Walrasian equilibrium and it is shown that the instability of the equilibrium is equivalent to the existence of a transfer problem in a pure exchange economy.Magíster en MatemáticasMaestrí
The question of empire today
No full textY.C. Zarka, tomando como referencia la política exterior de Estados Unidos, presenta una reflexión en perspectiva histórica, política y filosófica sobre la idea contemporánea de imperio. Los modelos del imperio romano y del imperio colonial han sido abandonados. El imperialismo contemporáneo impone su hegemonía por las vías económica y cultural. Partiendo de la dialéctica imperio-imperialismo, desde los conceptos de soberanía y democracia, el autor muestra las contradicciones internas y externas de lo que denomina repúblicas imperiales. Desde la primera perspectiva, la hegemonía imperial puede ser interpretada al mismo tiempo como la expresión y la crisis de la soberanía. Desde la segunda, la contradicción se encuentra en la justificación de una política internacional intervencionista en nombre de las ideas de libertad, república y democracia.Y.C. Zarka, has taking the foreign policy of the United States as a reference, presenting a reflection on the contemporary idea of empire in historical, political and philosophical perspective. The models of the Roman Empire and the colonial empire have been left behind. The contemporary imperialism enforces its hegemony by economy and culture. Due the empire-imperialism dialectic, the author shows the internal and external contradictions of what he names "imperial republics". For instance: the imperial hegemony can be interpreted as expression and crisis of the idea sovereignty; the interventionist international policy is justified on behalf of freedom, republic and democracy ideas.Publicad
Presentazione dell’edizione italiana di storia della Sicilia da Odisseo ai giorni nostri di Jean-Yves Frétigné
No full textPublished for the first time in 2009, for the Fayard types, and re-edited in 2018 in a "pocket" format, this History of Sicily by Jean-Yves Frétigné, with the subtitle from Odysseus to the present day, presented to the French public as an easy consultation, a "Compagnon de voyage" destined to have an excellent editorial success with over 8,000 copies sold.The Italian translation presented here does not have the presumption of concurring with the monumental works of the history of Sicily which constitute an essential reference by the same Author, as the rich bibliography in the appendix to the volume clearly testifies. Rather, it intends to offer, in just over 400 pages, the “external” look on Sicily of a French historian, as Finley, Mack Smith, Duggan or Norwich have done in the past
General Equilibrium Theory of Value
No full textThe concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. This book offers an extensive, up-to-date look at the standard theory of general equilibrium, to which the author has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. The book examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. It applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. The book offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.</p
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