Titlebook: Economic Evolution and Equilibrium; Bridging the Gap Marco Lehmann-Waffenschmidt Book 2007 Springer-Verlag Berlin Heidelberg 2007 Bang-bang

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The Structure of the Equilibrium Price Set of an Evolution of Exchange EconomiesAs we have already mentioned the existence result of near-equilibrium paths in Chapter 10 leaves us with the following natural question: Is this really the only general structure property of the equilibrium sets of the considered evolutions? And if this is true, how “wild” can a joining equilibrium component of an evolution actually be?

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Comparison With Related Results in the LiteratureAt the end of Part II of our study we now will point out the precise relationship of our approach and results presented so far to related work from the literature. We, however, would like to emphasise that this only concerns the formal results, whereas any further economic applications are new and can be found in Part III of our study.

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Introduction to Part IIIIn Part III of our study, we will explore the economic content of the concepts from Part I and of the analytical results derived in Part II.

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Hullash Chauhan,Suchismita Satapathyprising that also for our present analysis the Walrasian framework will turn out to be most useful from the viewpoint of economic intuition as well as from the viewpoint of technical convenience. Indeed, several times in our study we easily can transfer an analysis which we have carried out for the Walrasian set-up to other basic set-ups.

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Evolutions in the Traditional Walrasian Exchange Equilibrium Frameworkprising that also for our present analysis the Walrasian framework will turn out to be most useful from the viewpoint of economic intuition as well as from the viewpoint of technical convenience. Indeed, several times in our study we easily can transfer an analysis which we have carried out for the Walrasian set-up to other basic set-ups.

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0075-8442 bria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic syst

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