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General Equilibrium Models with Discrete Choices in a Spatial Continuum

In: Coping with Uncertainty

Author

Listed:
  • M. Keyzer

    (Free University)

  • Y. Ermoliev

    (International Institute for Applied Systems Analysis (IIASA))

  • V. Norkin

    (Institute of Cybernetics of the Ukrainian Academy of Sciences)

Abstract

The treatment of spatial characteristics through probability distributions makes it possible to use stochastic optimization methods and to obtain efficiency results and competitive equilibrium prices for general equilibrium models with discrete choices in spatial continuum. Along these lines, and combining results from stochastic optimization with principles established by Aumann and Hildenbrand for economies with continuum of traders the paper develops a practical modeling framework that can combine the spatially distributed aspects of land-use with processes such as market clearing or telecommunication investments concentrated at specific points. It also presents associated stochastic algorithms for numerical implementation. We discuss both a general equilibrium version in which all consumers meet their own budget, and a welfare maximizing version with transfers adjusting among consumer groups for which we formulate a dual approach that solely depends on a finite number of prices.

Suggested Citation

  • M. Keyzer & Y. Ermoliev & V. Norkin, 2006. "General Equilibrium Models with Discrete Choices in a Spatial Continuum," Lecture Notes in Economics and Mathematical Systems, in: Coping with Uncertainty, pages 133-154, Springer.
  • Handle: RePEc:spr:lnechp:978-3-540-35262-4_8
    DOI: 10.1007/3-540-35262-7_8
    as

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