IDEAS home Printed from https://ideas.repec.org/p/hal/cesptp/halshs-00250167.html
   My bibliography  Save this paper

General equilibrium

Author

Listed:
  • Monique Florenzano

    () (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne)

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.

Suggested Citation

  • Monique Florenzano, 2007. "General equilibrium," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00250167, HAL.
  • Handle: RePEc:hal:cesptp:halshs-00250167
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00250167
    as

    Download full text from publisher

    File URL: https://halshs.archives-ouvertes.fr/halshs-00250167/document
    Download Restriction: no

    Other versions of this item:

    More about this item

    Keywords

    feasible allocations; equilibrium; quasi-equilibrium; Pareto optimum; core; edgeworth equilibrium allocutions; time and uncertainty; continuum economies; non-convexities; public goods; incomplete markets.; production economy; price space; exchange economy; incomplete markets; Commodity space; optimum de Pareto; quasi-équilibre; équilibre; Espace des biens; espace des prix; économie d'échange; économie de production; allocations réalisables; coeur; équilibres d'Edgeworth; temps et incertitude; économies continues; non convexités; biens publics; marchés incomplets.;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - 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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:halshs-00250167. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.