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How to Compute Equilibrium Prices in 1891

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Author Info
William C. Brainard () (Cowles Foundation, Yale University)
Herbert E. Scarf () (Cowles Foundation, Yale University)

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Abstract

Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society's endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report the results of simulating the mechanical/hydraulic "machine," illustrating the ability of the apparatus to "compute" equilibrium prices and also to find multiple equilibria.

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File URL: http://cowles.econ.yale.edu/P/cd/d12b/d1272.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1272.

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Length: 21 pages
Date of creation: Aug 2000
Date of revision:
Handle: RePEc:cwl:cwldpp:1272

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Related research
Keywords: Fisher general equilibrium hydraulic apparatus equilibrium prices computable general equilibrium algorithms

Find related papers by JEL classification:
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian)
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals

Cited by:
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  1. Bruno Codenotti & Kasturi Varadarajan, 2005. "Market Equilibrium in Exchange Economies with Some Families of Concave Utility Functions," Computational Economics 0503001, EconWPA. [Downloadable!]
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This page was last updated on 2008-8-18.

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