Introduction

Timothy J Kehoe, T. N. Srinivasan, John Whalley

Research output: Chapter in Book/Report/Conference proceedingForeword/postscript

1 Citation (Scopus)

Abstract

This volume honors Herbert Scarf and his contributions to economics. It deals with new developments in applied general equilibrium (AGE) modeling, a field in which Scarf's contributions have played a decisive role. All but two of the chapters in the volume were presented at a conference held at Yale University in April 2002. The chapter by Herbert Scarf and Charles Wilson was written afterward; it demonstrates the uniqueness of equilibrium in an important class of international trade models. The chapter by Lars Ljungqvist and Thomas Sargent is an outgrowth of Sargent's discussion at the conference of the paper presented there by Edward Prescott. The chapters presented here build on a well-known earlier volume in applied general equilibrium, edited by Herbert Scarf and John Shoven in 1984 (Scarf and Shoven 1984), which in turn grew out of Scarf's pioneering contributions in general equilibrium computation in the 1960s and early 1970s (Scarf 1967a, Scarf and Hansen 1973). Kenneth Arrow's chapter in this volume points out that the ability to deploy AGE models is the product of research advances, going back at least 130 years, in which progress in economic theory and vastly improved availability of economic data have played crucial roles. According to Arrow, equally crucial inputs were improvements in computing power and the development of algorithms for computing equilibrium, in which Scarf's (1967b) algorithm based on simplicial subdivisions was the crucial step. Since the 1980s, applications of AGE have broadened.

Original languageEnglish (US)
Title of host publicationFrontiers in Applied General Equilibrium Modeling
Subtitle of host publicationIn Honor of Herbert Scarf
PublisherCambridge University Press
Pages1-12
Number of pages12
Volume9780521825252
ISBN (Electronic)9780511614330
ISBN (Print)9780521825252
DOIs
StatePublished - Jan 1 2005

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Applied general equilibrium
Economic theory
Pioneering
Economics
Applied general equilibrium model
General equilibrium
Uniqueness
Economic data
International trade
General equilibrium modeling

Cite this

Kehoe, T. J., Srinivasan, T. N., & Whalley, J. (2005). Introduction. In Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf (Vol. 9780521825252, pp. 1-12). Cambridge University Press. https://doi.org/10.1017/CBO9780511614330.001

Introduction. / Kehoe, Timothy J; Srinivasan, T. N.; Whalley, John.

Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf. Vol. 9780521825252 Cambridge University Press, 2005. p. 1-12.

Research output: Chapter in Book/Report/Conference proceedingForeword/postscript

Kehoe, TJ, Srinivasan, TN & Whalley, J 2005, Introduction. in Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf. vol. 9780521825252, Cambridge University Press, pp. 1-12. https://doi.org/10.1017/CBO9780511614330.001
Kehoe TJ, Srinivasan TN, Whalley J. Introduction. In Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf. Vol. 9780521825252. Cambridge University Press. 2005. p. 1-12 https://doi.org/10.1017/CBO9780511614330.001
Kehoe, Timothy J ; Srinivasan, T. N. ; Whalley, John. / Introduction. Frontiers in Applied General Equilibrium Modeling: In Honor of Herbert Scarf. Vol. 9780521825252 Cambridge University Press, 2005. pp. 1-12
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