SFB 303 Discussion Paper No. A - 309
Author: Kehoe, Timothy J.
Title: Computation and Multiplicity of Equilibria
Abstract: Economic equilibria are usually solutions to fixed point problems
rather than solutions ot convex optimization problems. This leads to two
difficulties that are closely related: First, equilibria may be difficult to
compute. Second, a model economy may have more than one equilibrium. This
paper explores these issues for a number of stylized economies, including
static economies that involve both pure exchange and production, economies
that have infinite numbers of goods because of time and uncertainty, and
economies with distortionary taxes and externalities. There are numerous
numerical examples that illustrate the theory and could serve as test
problems for algorithms.
Keywords:
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Creation-Date: July 1990
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