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Two Algorithms for Solving the Walrasian Equilibrium Inequalities

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  • Donald J. Brown

    ()
    (Economic Growth Center, Yale University)

  • Ravi Kannan

    ()
    (Yale University)

Abstract

We propose two algorithms for deciding if the Walrasian equilibrium inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to compute counterfactual equilibria in applied general equilibrium models defined by the Walrasian equilibrium inequalities.

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Bibliographic Info

Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 945.

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Length: 9 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:egc:wpaper:945

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Keywords: Applied general equilibrium analysis; Walrasian equilibrium inequalities; calaibration;

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  1. Donald J. Brown & Chris Shannon, 1998. "Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets," Cowles Foundation Discussion Papers 1170, Cowles Foundation for Research in Economics, Yale University.
  2. Brown, Donald J & Matzkin, Rosa L, 1996. "Testable Restrictions on the Equilibrium Manifold," Econometrica, Econometric Society, vol. 64(6), pages 1249-62, November.
  3. Donald J. Brown & Ravi Kannan, 2003. "Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria," Cowles Foundation Discussion Papers 1426, Cowles Foundation for Research in Economics, Yale University.
  4. Carvajal, Andres & Ray, Indrajit & Snyder, Susan, 2004. "Equilibrium behavior in markets and games: testable restrictions and identification," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 1-40, February.
  5. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, October.
  6. Felix Kubler, 2005. "Approximate Generalizations in Applied Equilibrium Analysis," 2005 Meeting Papers 173, Society for Economic Dynamics.
  7. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
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