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Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria

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Author Info
Donald J. Brown () (Cowles Foundation, Yale University)
Ravi Kannan () (Computer Science, Yale University)

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Abstract

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities.

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File URL: http://cowles.econ.yale.edu/P/cd/d14a/d1426.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1426.

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Length: 16 pages
Date of creation: Jun 2003
Date of revision:
Handle: RePEc:cwl:cwldpp:1426

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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Applied general equilibrium analysis; Walrasian inequalities; O-minimal structures; Monte Carlo algorithms;

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
  2. Donald J. Brown & Chris Shannon, 2000. "Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets," Econometrica, Econometric Society, vol. 68(6), pages 1529-1540, November.
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  3. Chris Shannon & William R. Zame, 2002. "Quadratic Concavity and Determinacy of Equilibrium," Econometrica, Econometric Society, vol. 70(2), pages 631-662, March. [Downloadable!] (restricted)
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  4. Donald J. Brown & Caterina Calsamiglia, 2003. "The Strong Law of Demand," Cowles Foundation Discussion Papers 1399, Cowles Foundation, Yale University. [Downloadable!]
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  5. Brown, Donald J & Matzkin, Rosa L, 1996. "Testable Restrictions on the Equilibrium Manifold," Econometrica, Econometric Society, vol. 64(6), pages 1249-62, November. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Donald J. Brown & Ravi Kannan, 2005. "Decision Methods for Solving Systems of Walrasian Inequalities," Cowles Foundation Discussion Papers 1508, Cowles Foundation, Yale University. [Downloadable!]
  2. Donald J. Brown & Ravi Kannan, 2005. "Two Algorithms for Solving the Walrasian Equilibrium Inequalities," Cowles Foundation Discussion Papers 1508R, Cowles Foundation, Yale University, revised Oct 2006. [Downloadable!]
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