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Computation of general equilibria (new developments)


Kübler, Felix (2008). Computation of general equilibria (new developments). In: Durlauf, Steven N; Blume, Lawrence E. The New Palgrave Dictionary of Economics (Vol. 5). Basingstoke: Palgrave Macmillan, Published online.

Abstract

In this article, I review two recent developments in the theory of computation of general equilibria. First, following Brown, DeMarzo and Eaves (1996) several papers have developed globally convergent algorithms for the computation of general equilibria in models with incomplete asset markets. I review some of the developments in that area. Second, new developments in computational algebraic geometry lead to algorithms to compute effectively all equilibria of systems of polynomial equations. I point out some applications of these algorithms to general equilibrium theory.

Abstract

In this article, I review two recent developments in the theory of computation of general equilibria. First, following Brown, DeMarzo and Eaves (1996) several papers have developed globally convergent algorithms for the computation of general equilibria in models with incomplete asset markets. I review some of the developments in that area. Second, new developments in computational algebraic geometry lead to algorithms to compute effectively all equilibria of systems of polynomial equations. I point out some applications of these algorithms to general equilibrium theory.

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Additional indexing

Item Type:Book Section, not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:computation of general equilibria; Gröbner bases; homotopy algorithms; incomplete asset markets; Kuhn–Tucker conditions; multiple equilibria; Newton–Kantarovich conditions; real business cycles; semi-algebraic economies; Smale's alpha method; Tarski–Seidenberg th; uncertainty
Language:English
Date:2008
Deposited On:10 Feb 2009 11:59
Last Modified:14 Sep 2016 13:36
Publisher:Palgrave Macmillan
ISBN:978-0-333-78676-5
Publisher DOI:https://doi.org/10.1057/9780230226203.0284
Official URL:http://www.dictionaryofeconomics.com/article?id=pde2008_C000564
Related URLs:http://www.recherche-portal.ch/primo_library/libweb/action/search.do?fn=search&mode=Advanced&vid=ZAD&vl%28186672378UI0%29=isbn&vl%281UI0%29=contains&vl%28freeText0%29=978-0-333-78676-5
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