Book Cover
Author Lehmann-Waffenschmidt, Marco.

Title Economic evolution and equilibrium : bridging the gap / Marco Lehmann-Waffenschmidt
Published Berlin ; New York : Springer, ©2007


Description 1 online resource (viii, 272 pages) : illustrations
Series Lecture notes in economics and mathematical systems, 0075-8442 ; 591
Lecture notes in economics and mathematical systems ; 591. 0075-8442
Contents Evolutions in the traditional Walrasian Exchange Equilibrium Framework -- Evolutions in an Exchange Equilibrium Framework -- Evolutions in a general Equilibrium Framework with production, taxes, and subsidies -- Evolutions in the Temporary Fixprice Equilibrium Framework -- Near-equilibrium paths -- Equilibrium paths -- Economic refinements of the notion of an evolution of economies -- The structure of the equilibrium price set of an evolution of exchange economies -- Comparison with related results in the literature -- Applications of the analytical results from part ii in the Economist's laboratory -- The method of kinetic analysis of evolving economies in historical time -- Evolving economies in historical time
Summary This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way. Furthermore, the analysis provides a complete characterization of the structure of the equilibrium price set of evolving exchange economies. The results allow to derive policy implications for a gradual, frictionless tuning of equilibrium values for open loop evol
Analysis economie
management science
game theory
Management studies, Business Administration, Organizational Science (General)
Economics (General)
Management, bedrijfskunde, organisatiekunde (algemeen)
Economie (algemeen)
Bibliography Includes bibliographical references (pages 263-269) and index
Notes Print version record
In Springer e-books
Subject Equilibrium (Economics)
Evolutionary economics.
POLITICAL SCIENCE -- Economic Conditions.
BUSINESS & ECONOMICS -- Economics -- Macroeconomics.
Evolutionary economics.
Equilibrium (Economics)
Science économique.
Economie de l'entreprise.
Equilibrium (Economics)
Evolutionary economics.
Economisch evenwicht.
Form Electronic book
ISBN 9783540686644