general equilibrium theory
1General Equilibrium Theory — studies supply and demand fundamentals in an economy with multiple markets, with the objective of proving that all prices are at equilibrium. The theory analyzes the mechanism by which the choices of economic agents are coordinated across all… …
2General equilibrium — theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets. It is often assumed that agents are price takers and in that setting two common… …
3general equilibrium — ➔ equilibrium * * * general equilibrium UK US noun [U] ► ECONOMICS a theory that tries to explain the behaviour of supply, demand, and prices in the economy as a whole: »The general equilibrium method is becoming an essential tool for the… …
4Applied general equilibrium — (AGE) models were pioneered by Herbert Scarf at Yale University in 1967, in two papers, and a follow up book with Terje Hansen in 1973, with the aim of empirically estimating the Arrow Debreu General equilibrium model with empirical data, to… …
5Dynamic stochastic general equilibrium — modeling (abbreviated DSGE or sometimes SDGE or DGE) is a branch of applied general equilibrium theory that is influential in contemporary macroeconomics. The DSGE methodology attempts to explain aggregate economic phenomena, such as economic… …
6Computable general equilibrium — (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium)… …
7Equilibrium — is the condition of a system in which competing influences are balanced and it may refer to:cienceBiology* Equilibrioception, the sense of balance present in humans and animals * Homeostasis, the ability of an open system, especially living… …
8Theory of the Second Best — The Theory of the Second Best concerns what happens when one or more optimality conditions are not satisfied in an economic model. Canadian economist Richard Lipsey and Australian American economist Kelvin Lancaster showed in a 1956 paper that if …
9Labor theory of value — The labor theories of value (LTV) are theories in economics according to which the values of commodities are related to the labor needed to produce them.There are many different accounts of labor value, with the common element that the value of… …
10Teoría del equilibrio general — Excedente de los consumidores y los productores en el punto de equilibrio para las curvas de oferta y demanda. La teoría del equilibrio general es una rama de la teoría microeconómica. La misma trata de dar una explicación global del… …
