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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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Building models of price dynamics

Building models of price dynamics

(p.173) Chapter 13 Building models of price dynamics
Equilibrium Models in Economics

Lawrence A. Boland

Oxford University Press

This chapter introduces Part III of the book, addressing methodological issues involved in overcoming the limitations of equilibrium models discussed earlier. This chapter returns to the beginning with Arrow’s 1959 article and explores the need for an equilibrium model to explain the process whereby prices are adjusted to reach the equilibrium, and explores whether the approach of that article can overcome the limits of equilibrium models. It discusses exogenous convergence to equilibrium with forced learning and endogenous convergence to equilibrium with autonomous learning. It considers whether there can be closure through posited ignorance. It ends with a discussion of the problem of presuming the viability of the psychologistic version of methodological individualism.

Keywords:   autonomous learning, price adjustment, endogenous convergence, exogenous convergence

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