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Economic Equilibrium under Deformation of the Economy
[chapter]
1980
Analysis and Computation of Fixed Points
A philosophical problem arises when one attempts to predict a competitive economy's response to a fundamental change in its struct ur e with the aid of a competitive equilibrium model. Unless the mode]. is known to admit unique solutions, ther e is litŨe basis for assuming tha t the computed equilibrium will be attained, even though the model accurateLy describes the economy's structure and the behavior of its agents. If, ----.~~~~~~--~--~~~~
doi:10.1016/b978-0-12-590240-3.50013-6
fatcat:qyafmclf6je43jntamybyf6axi