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Equilibrium Models in EconomicsPurposes and Critical Limitations$
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Lawrence A. Boland

Print publication date: 2017

Print ISBN-13: 9780190274320

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/acprof:oso/9780190274320.001.0001

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Equilibrium models intended to overcome limits

Equilibrium models intended to overcome limits

Chapter:
(p.131) Chapter 10 Equilibrium models intended to overcome limits
Source:
Equilibrium Models in Economics
Author(s):

Lawrence A. Boland

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190274320.003.0011

This chapter will critically examine today’s common ways to build equilibrium models. These specifically include Dynamic-Stochastic General Equilibrium models, game theoretical models and empirical GE models. Each of these types of equilibrium model try to address the issues of how a model’s decision makers get the information needed to guarantee the attainment of a state of equilibrium. The chapter addresses the alleged limits of general equilibrium models (particularly the issues of dynamics, time and expectations), the current attempts to overcome the limits of general equilibrium models, and three empirical alternatives to Walrasian general equilibrium models. These alternatives include the Computable General Equilibrium models and the Applied General Equilibrium models. The third model involves building econometric models only after evaluating the statistical properties of the data before using them in the model.

Keywords:   Dynamic-Stochastic General Equilibrium models, Computable General Equilibrium, Applied General Equilibrium, Kenneth Arrow, Gerard Debreu

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