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| Type | Book Chapter |
| Scope | Discipline-based scholarship |
| Title | Computation of general equilibria (new developments) |
| Organization Unit | |
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| Item Subtype | Original Work |
| Refereed | No |
| Status | Published in final form |
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| Booktitle | The New Palgrave Dictionary of Economics (Vol. 5) |
| ISBN | 978-0-333-78676-5 |
| Place of Publication | Basingstoke |
| Publisher | Palgrave Macmillan |
| Page Range | Published online |
| Date | 2008 |
| Abstract Text | In this article, I review two recent developments in the theory of computation of general equilibria. First, following Brown, DeMarzo and Eaves (1996) several papers have developed globally convergent algorithms for the computation of general equilibria in models with incomplete asset markets. I review some of the developments in that area. Second, new developments in computational algebraic geometry lead to algorithms to compute effectively all equilibria of systems of polynomial equations. I point out some applications of these algorithms to general equilibrium theory. |
| Official URL | http://www.dictionaryofeconomics.com/article?id=pde2008_C000564 |
| Related URLs | |
| Digital Object Identifier | 10.1057/9780230226203.0284 |
| Other Identification Number | merlin-id:560 |
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| Keywords | computation of general equilibria, Gröbner bases, homotopy algorithms, incomplete asset markets, Kuhn–Tucker conditions, multiple equilibria, Newton–Kantarovich conditions, real business cycles, semi-algebraic economies, Smale's alpha method, Tarski–Seidenberg th, uncertainty |