Essays on disequilibrium theory
Başlık çevirisi mevcut değil.
- Tez No: 401357
- Danışmanlar: PROF. ALLESSANDRO VERCELLI
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2012
- Dil: İngilizce
- Üniversite: Università degli studi di Siena (University of Siena)
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 103
Özet
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Özet (Çeviri)
The purview of this dissertation is the positive and the normative analyses of general disequilibrium. Our spur for focusing on the theory of disequilibrium is the persistent empirical non-clearing market phenomenon. In particular, disequi- librium in the form of significant unemployment and underutilized capacities is omnipresent in all market economies. Yet the Walrasian equilibrium - the predom- inant equilibrium theory of markets is inconsistent with non-clearing markets by definition. Motivated by these considerations, we endeavor to elucidate theoretically why markets do not clear, and scrutinize the e¢ ciency implications of disequilibrium. To this end, we focus solely on convex economies with continuous preferences and production technologies the standard domain of the Walrasian analysis. We also posit the Walrasian behavioral proviso according to which all agents are price- taking optimizers.Our first theoretical contribution is to demonstrate that the Walrasian equilib- rium does not exist under certain hypotheses. That is, conditional on our assump- tions, market clearing is an impossibility which can potentially explain persistent real world disequilibrium. As far as we are concerned, this is the first study that gives a set of general conditions inducing non-existence of Walrasian equilibrium. Although the non-existence of Walrasian equilibrium can explain why markets do not clear, it is not competent to analyze how resources would be allocated in disequilibrium. This observation leads us to the inquiry of the non-Walrasian equilibrium a generalization of the Walrasian equilibrium engineered to analyze non-clearing markets. Our second contribution is to prove that the non-Walrasian equilibrium exists albeit the Walrasian counter-part may not. To the best of our knowledge, this result also gives the most general existence conditions for the non- Walrasian equilibrium concept. Finally, we move to the inquiry of the effciency properties of non-clearing markets. That disequilibrium is inefficient is a common verdict among economists. Indeed, we demarcate the conditions that ensure disequilibrium allocations are Pareto-ine¢ cient. All known theorems in this field (i.e. efficiency analysis of disequilibrium) are special cases of our study. These results admit the following claim to hold. There are economies where market clearing is impossible which induces disequilibrium and ensures Pareto- infficiency if there is no intervention to the market.An intriguing policy implication ensues by applying the Second Fundamental Theorem of Welfare (SFTW) which asserts that any Pareto-efficient allocation can be supported as a Walrasian equilibrium with a proper lump-sum redistribution of income. Thus, in virtue of the SFTW, there is always a Pareto-improving redistribution scheme for the economies that satisfy our assumptions. We believe these theoretical discussions are germane to the ancient polemics of markets competency of self-regulation to maintain equilibrium, and the e¢ - ciency of redistributive policies. Our results show that even unfettered markets with the most flexible adjustment mechanism may not guarantee equilibrium and redistributive policies may very well be e¢ ciency enhancing an argument almost vertically opposing the mainstream view. The dissertation is comprised of the following chapters. The first chapter is a survey of the literatures to which we make theoretical contributions. The second chapter is about the non-existence of Walrasian equilibrium. The third chapter deals with the existence of non-Walrasian equilibrium. The forth chapter is about the efficiency properties of disequilibrium. Finally, we conclude with a brief discus- sion of the subjects covered in above chapters mainly underscoring the weaknesses of the results involved.
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