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Value Balance and General Equilibrium Model

Author

Listed:
  • Truong Hong Trinh

    (The University of Danang, University of Economics, Vietnam.)

Abstract

This paper proposes a utility function with the incorporation of value and price, and develops a basic general equilibrium model with two conditions of market clearance and value balance. A joint value model is developed to conduct a value balance between firm profit and customer utility that is also a condition for market equilibrium. The simulation experiments are carried out to conduct the value balance between firm profit and customer utility, and the general equilibrium of the economy with economic policies. The study provides key evidence on the value balance between firm profit and customer utility that creates a new paradigm for further researches on partial equilibrium and general equilibrium.

Suggested Citation

  • Truong Hong Trinh, 2017. "Value Balance and General Equilibrium Model," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 485-491.
    • Handle: RePEc:eco:journ1:2017-02-63
    as

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    References listed on IDEAS

    as
    1. Deane,Phyllis, 1978. "The Evolution of Economic Ideas," Cambridge Books, Cambridge University Press, number 9780521293150.
    2. Truong Hong Trinh, 2014. "Value Concept and Economic Growth Model," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 2(6), pages 62-71, December.
    3. Joanne Evans & Lester C. Hunt (ed.), 2009. "International Handbook on the Economics of Energy," Books, Edward Elgar Publishing, number 12764.
    4. Nobuhiro Hosoe & Kenji Gasawa & Hideo Hashimoto, 2010. "Textbook of Computable General Equilibrium Modelling," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28165-3.
    5. T H Trinh & V Kachitvichyanukul & D B Khang, 2014. "The co-production approach to service: a theoretical background," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 65(2), pages 161-168, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Value Concept; Utility Function; Joint Value; Value Balance; General Equilibrium;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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