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General equilibrium

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Author Info
Monique Florenzano () (Centre d'Economie de la Sorbonne)

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Abstract

Unlike partial equilibrium analysis which study the equilibrium of a particular market under the clause "ceteris paribus" that revenues and prices on the other markets stay approximately unaffected, the ambition of a general equilibrium model is to analyze the simultaneous equilibrium in all markets of a competitive economy. Definition of the abstract model, some of its basic results and insights are presented. The important issues of uniqueness and local uniqueness of equilibrium are sketched ; they are the condition for a predictive power of the theory and its ability to allow for statics comparisons. Finally, we review the main extensions of the general equilibrium model. Besides the natural extensions to infinitely many commodities and to a continuum of agents, some examples show how economic theory can accommodate the main ideas in order to study some contexts which were not thought of by the initial model.

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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number b08005.

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Length: 35 pages
Date of creation: Dec 2007
Date of revision:
Handle: RePEc:mse:cesdoc:b08005

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Web page: http://ces.univ-paris1.fr/
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Related research
Keywords: Commodity space price space exchange economy production economy feasible allocations equilibrium quasi-equilibrium Pareto optimum core edgeworth equilibrium allocutions time and uncertainty continuum economies non-convexities public goods incomplete markets.

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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
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
D60 - Microeconomics - - Welfare Economics - - - General
H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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  1. Talman, A.J.J. & Yang, Z., 2004. "The computation of a coincidence of two mappings," Discussion Paper 100, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Abdelkrim Seghir & Leila Triki & Stella Kanellopoulou, 2004. "On the survival and irreducibility assumptions for financial markets with nominal assets," Cahiers de la Maison des Sciences Economiques b04008, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  3. Wassim Daher & V. Martins-da-Rocha & Yiannis Vailakis, 2007. "Asset market equilibrium with short-selling and differential information," Economic Theory, Springer, vol. 32(3), pages 425-446, September. [Downloadable!] (restricted)
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  4. Nizar Allouch & Cuong Le Van & Frank H. Page, 2006. "Arbitrage and equilibrium in unbounded exchange economies with satiation," Post-Print halshs-00096040_v1, HAL. [Downloadable!]
  5. Charalambos Aliprantis & Monique Florenzano & Rabee Tourky, 2006. "Production equilibria," Post-Print halshs-00092809_v1, HAL. [Downloadable!]
  6. Predtetchinski,Arkadi, 2004. "The Fuzzy Core and the (Π, β)- Balanced Core," Research Memoranda 025, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  7. Stefano Bosi & Thomas Seegmuller, 2007. "A propos du rôle (dé)stabilisateur de l'hétérogénéité
    dans les économies à générations imbriquées    ," Post-Print halshs-00194250_v1, HAL. [Downloadable!]
  8. Cuong Van & Frank Page & Myrna Wooders, 2007. "Risky arbitrage, asset prices, and externalities," Economic Theory, Springer, vol. 33(3), pages 475-491, December. [Downloadable!] (restricted)
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  9. Sylvie Demurger & Martin Fournier & Yang Weiyong, 2007. "Diversification and agrarian change under environmental constraints in rural China: Evidence from a poor township of Beijing municipality," Post-Print halshs-00144899_v1, HAL. [Downloadable!]
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  10. Monique Florenzano & Elena Laureana Del Mercato, 2004. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," Cahiers de la Maison des Sciences Economiques b04082, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  11. Ludovic Frobert & Cyrille Ferraton, 2003. "L'Enquête inachevée : introduction à l'économie politique d'Albert O. Hirschman," Post-Print hal-00241677_v1, HAL. [Downloadable!]
  12. Elena Laureana Del Mercato, 2004. "Existence of competitive equilibria with externalities : a differential viewpoint," Cahiers de la Maison des Sciences Economiques b04078, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  13. Charalambos D. Aliprantis & Monique Florenzano & Rabee Tourky, 2004. "Equilibria in production economies," Cahiers de la Maison des Sciences Economiques b04116, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  14. Wassin Daher & V. Filipe Martins-da-Rocha & Yiannis Vailakis, 2005. "Asset market equilibrium with short-selling and differential information," Cahiers de la Maison des Sciences Economiques b05098, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  15. Jean-Marc Bonnisseau & Elena L. del Mercato, 2008. "Externalities, Consumption Constraints and Regular Economies," CSEF Working Papers 195, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
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  16. Cuong Le Van & Nguyen Ba Minh, 2007. "No-arbitrage condition and existence of equilibrium with dividends," Post-Print halshs-00101177_v1, HAL. [Downloadable!]
  17. Monique Florenzano & Elena Del Mercato, 2006. "Edgeworth and Lindahl-Foley equilibria of a general equilibrium model with private provision of pure public goods," Post-Print halshs-00085726_v1, HAL. [Downloadable!]
  18. Jean-Marc Bonnisseau & Vincent Iehlé, 2007. "Payoff-dependent balancedness and cores (revised version)," UFAE and IAE Working Papers 678.07, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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