If this refers to a market for a single good, service, or factor of production it can also be referred to as partial equilibrium, as opposed to general equilibrium, which refers to a state where all final good, service, and factor markets are in equilibrium themselves and with each other ...
For example, if we denote income by Y and time is measured in years, then Yt is equal to the value of income in year t. If t = 0 in 2000, then Y0 is the value of income in 2000 and Y1 is the value of income in 2001. So far, so good, but we do not have a model yet,...
Second, the ramping process causes wear and tear on equipment, and shortens the life of components. Thus, additional depreciation and maintenance will entail great expense. For example, fast ramping puts an extra strain on the rotor, on the set of blades on the turbine shaft, etc., at ...
Wiebelt, M., "GEMPIA - A Dynamic Real-Financial General Equilibrium Model for Poverty Impact Analysis," Kiel Working Papers 1230, Institute for World Economics, Kiel (2004).Manfred Wiebelt.GEM-PIA:A REAL-FINANCIAL GENERAL EQUILIBRIUM MODEL FOR POVERTY IM...
I myself have spent hours pouring over optimal control models of consumption and dynamic general equilibrium. This stuff is so rarified and intellectually challenging, really, that it produces a mindset that suggests mastery of Portryagin’s maximum principle in a multi-equation setup means you have...
Recently, Gete [5] applied the dynamic stochastic general equilibrium (DSGE) model to investigate housing prices and current account balances and found a strong correlation between them. Surprisingly, studies of the link between exchange rates and house prices are quite limited. In an age of ...
For example, in 2009, the National Bureau of Statistics adjusted the “vacant area of commercial buildings” to “area for sale”, and a prolonged research time would affect the accuracy of the conclusion due to poor comparison between the two indexes. The other is to maintain the relative ...
Unlock the concept of Nash Equilibrium in game theory. Learn how strategic decision-making shapes outcomes. Explore the theory for strategic insights.
about how people function‚ but it becomes much more interesting when these ideas are related toreallifesituations. It is much easier to understand how thesetheoriesand models were developed when looking at them from areallifestandpoint. The firstexampleof a psychologicaltheoryin practice is when ...
The way that this can be done is to think of these relationships as being only part of a general equilib- rium framework in which interest rates and exchange rates (as well as other variables) adjust to satisfy a number of equilibrium conditions. That said, in different situations, the ...