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Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria

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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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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, 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
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

Related research

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

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References

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  1. Donald J. Brown & Rosa L. Matzkin, 1995. "Testable Restrictions on the Equilibrium Manifold," Cowles Foundation Discussion Papers 1109, Cowles Foundation for Research in Economics, Yale University.
  2. Donald J. Brown and Chris Shannon., 1997. "Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets," Economics Working Papers 97-256, University of California at Berkeley.
  3. Chris Shannon & William R. Zame, 2000. "Quadratic Concavity and Determinacy of Equilibrium," GE, Growth, Math methods 9912001, EconWPA.
  4. Donald J. Brown & Caterina Calsamiglia, 2004. "The Strong Law of Demand," Yale School of Management Working Papers ysm336, Yale School of Management.
  5. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
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Cited by:
  1. Donald J. Brown & Ravi Kannan, 2005. "Two Algorithms for Solving the Walrasian Equilibrium Inequalities," Cowles Foundation Discussion Papers 1508R, Cowles Foundation for Research in Economics, Yale University, revised Oct 2006.
  2. Donald J. Brown & Ravi Kannan, 2005. "Decision Methods for Solving Systems of Walrasian Inequalities," Cowles Foundation Discussion Papers 1508, Cowles Foundation for Research in Economics, Yale University.

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