Equilibrium, Markets and Dynamics

by Takanami, Tetsuo Harm

• ISBN13: 9783540434702
• ISBN10: 3540434704
• Format: Hardcover
• Copyright: 2002-05-01
• Publisher: Springer Verlag

Summary

This book is a collection of research articles in algebraic geometry and complex analysis dedicated to Hans Grauert. The authors and editors have made their best efforts in order that these contributions should be adequate to honour the outstanding scientist. The volume contains important new results, solutions to longstanding conjectures, elegant new proofs and new perspectives for future research. The topics range from surface theory and commutative algebra, linear systems, moduli spaces, classification theory, Kähler geometry to holomorphic dynamical systems.

Table of Contents

Claus Weddepohl: the First Dutch Mathematical Economist	1	(19)
Roald Ramer
Introduction	1	(2)
Axiomatic Choice Theory	3	(2)
General Competitive Equilibrium	5	(3)
Non-Walrasian Equilibria	8	(1)
Overlapping Generations	9	(1)
Markets	10	(3)
Price Dynamics	13	(2)
Final Remarks	15	(4)
Publication of H.N. Weddepohl	16	(3)
Equilibrium	19	(122)
Indeterminateness of Equilibria and Macroeconomics	21	(16)
Jacques H. Dreze
Introduction and Preview	21	(3)
Two Extensions of the Arrow-Debreu Model	24	(4)
Combining Money and Price Rigidities	28	(1)
Elementary Dynamics	29	(3)
Incomplete-Markets Heuristics	32	(5)
References	35	(2)
Equilibrium Properties of Status Seeking and Conformism	37	(14)
Rein Haagsma
Introduction	37	(3)
Status Seeking and Conformism Revisited	40	(8)
Final Remarks	48	(3)
References	49	(2)
Recent Criticism of General Equilibrium Theory	51	(10)
Arnold Heertje
Introduction	51	(1)
Walker and General Equilibrium	51	(3)
Critical Evaluation	54	(3)
Further Development of General Equilibrium Theory	57	(4)
References	58	(3)
Coordinating Thoughts on Coordination Failures	61	(16)
P. Jean-Jacques Herings
Introduction	61	(2)
Coordination Games	63	(2)
Strategic Models of Coordination Failures	65	(3)
Strategic Models of Coordination Failures with a Coordinating Role for Prices	68	(4)
General Equilibrium Models of Coordination Failures	72	(2)
Conclusion	74	(3)
References	75	(2)
Dynamic Implementation of Competitive Equilibria in Renegotiation Proof Equilibrium	77	(14)
Hans Keiding
Introduction	77	(1)
Economies over Time and Dynamic Mechanisms	78	(4)
Nash Implementation and Folk Theorems	82	(3)
Implementation in Subgame Perfect Nash Equilibrium	85	(2)
Implementation in Renegotiation Proof Equilibrium	87	(4)
References	89	(2)
On the Economics of Managing and Returns to Communications Technology	91	(12)
Michael Keren
David Levhari
Introduction	91	(1)
The Model	92	(1)
The Path of st	93	(4)
The Characteristics of the Organization	97	(2)
Discussion	99	(4)
Appendix A: The Continuous Case	99	(2)
References	101	(2)
Dynamic Adjustment of Supply Constrained Disequilibria to Walrasian Equilibrium	103	(14)
Gerard van der Laan
Dolf Talman
Introduction	103	(4)
The Model	107	(1)
The Equilibrating Mechanism	108	(2)
Connected Set of Disequlibria	110	(3)
The Dynamics of the Adjustment Process	113	(4)
References	115	(2)
A General Equilibrium of Managed Services	117	(24)
Pieter H. M. Ruys
Introduction	117	(3)
The Service Opportunity Structure	120	(8)
The Governance Structure	128	(5)
An Economy with Marketable Stratified Services	133	(8)
References	138	(3)
Markets	141	(78)
Undesired Goods in Applied Demand Analysis	143	(12)
Anton P. Barten
Introduction	143	(2)
An Example	145	(2)
A Formalization	147	(5)
Possible Extensions	152	(3)
References	153	(2)
Animal Communication	155	(12)
Marcel Canoy
Still Searching for Bertrand Equilibrium	167	(16)
Eric van Damme
Introduction	167	(2)
Variations on Bertrand's Theme	169	(5)
Differentiation, Timing and Cooperation	174	(4)
Behavior	178	(2)
Conclusion	180	(3)
References	181	(2)
Environmental Policy and Bertrand Competition: a General Equilibrium Approach	183	(14)
Chris Elbers
Cees Withagen
Introduction	183	(1)
The Model	184	(1)
Perfect Competition, Monopoly and Cournot Oligopoly	185	(2)
Bertrand Oligopoly: Partial Equilibrium	187	(2)
Bertrand Oligopoly: General Equilibrium	189	(5)
Conclusion	194	(3)
References	195	(2)
Retiring Rich	197	(12)
Jacob K. Goeree
The Usual Suspects	198	(4)
Everyone Pays, Claus Gains	202	(2)
Afterthoughts and Future Plans	204	(5)
References	207	(2)
Scope for Defined Contribution	209	(10)
Paul van den Heuvel
Introduction	209	(2)
Model	211	(3)
Results	214	(1)
Discussion	215	(2)
Concluding Remarks	217	(2)
References	217	(2)
Dynamics	219	(124)
On the Possibility of Economic Dynamics	221	(10)
Frank Hahn
An Example of Equilibrium Dynamics	221	(2)
Disequilibrium Dynamics	223	(4)
Disequilibrium Dynamics in the Theory of Growth	227	(2)
A Brief Digression	229	(1)
Summing Up	229	(2)
References	230	(1)
A Bifurcation in an Overlapping Generations Model	231	(14)
Jan Bogers
Introduction	231	(1)
The Model	232	(5)
Existence	237	(1)
Bifurcations	238	(5)
Conclusions	243	(2)
References	243	(2)
Heterogeneous Beliefs and Routes to Complex Dynamics in Asset Pricing Models with Price Contingent Contracts	245	(22)
William A. Brock
Cars H. Hommes
Introduction	245	(4)
The Model	249	(5)
A Simple Example	254	(9)
General Comments and Discussion	263	(4)
References	264	(3)
Why Are There Nowadays only a Few Articles on Matrices in Economic Journals?	267	(16)
Dave Furth
Introduction	267	(1)
Stability in an Exchange Economy	268	(7)
Stability in Cournot Oligopoly	275	(4)
Final Remarks	279	(4)
References	279	(4)
Learning in Networks	283	(10)
Sanjeev Goyal
Introduction	283	(1)
Network Structure and Technological Change	284	(3)
Network Formation	287	(4)
Concluding Remarks	291	(2)
References	292	(1)
Imitation of Cooperation in Prisoner's Dilemma Games with Some Local Interaction	293	(14)
Maarten C. W. Janssen
Introduction	293	(2)
The Models	295	(3)
Imitating the Best Behavior	298	(4)
Imitating the Best Agent	302	(1)
Conclusion	303	(4)
Appendix	303	(2)
References	305	(2)
Bubbles and Long Range Dependence in Asset Prices Volatilities	307	(22)
Alan Kirman
Gilles Teyssiere
Introduction	307	(4)
A Simple Theoretical Model	311	(6)
Simulations and Testing	317	(6)
Conclusion	323	(6)
References	324	(5)
Nonlinear Dynamics and the Stability of Competitive Equilibria	329	(14)
Jan Tuinstra
Introduction	329	(1)
The Tatonnement Process	330	(2)
Complicated Dynamics in the Tatonnement Process	332	(6)
Towards a More Realistic Adjustment Process	338	(4)
Concluding Remarks	342	(1)
References	343