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A Market with Autonomous Economic Decision Makers: Features of the CGE Model

In: Equilibrium Models in an Applied Framework

Author

Listed:
  • Ronny Norén

    (Mid Sweden University)

Abstract

Alternative to the standard linear programming model in the previous chapter, where the central planner is the maximising actor, economic models have been developed that attempt to capture the endogenous role of prices and the workings of the market system, where the essence of the general equilibrium problem is the reconciliation of maximising decisions made separately and independently by various actors. The objective of this literature is to convert the Walrasian general equilibrium structure, from an abstract representation of an ideal economy (Arrow and Debreu model 1954) into numerical estimates of actual economies.

Suggested Citation

  • Ronny Norén, 2013. "A Market with Autonomous Economic Decision Makers: Features of the CGE Model," Lecture Notes in Economics and Mathematical Systems, in: Equilibrium Models in an Applied Framework, edition 127, chapter 0, pages 55-71, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-34994-2_4
    DOI: 10.1007/978-3-642-34994-2_4
    as

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