Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria

17 Pages Posted: 13 Jun 2003

See all articles by Donald Brown

Donald Brown

Yale University - Cowles Foundation

Ravi Kannan

Yale University - Department of Computer Science

Date Written: June 2003

Abstract

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities.

Keywords: Applied General Equilibrium Analysis, Walrasian Inequalities, O-minimal Structures, Monte Carlo Algorithms

JEL Classification: C62, C63, D51, D58

Suggested Citation

Brown, Donald J. and Kannan, Ravi, Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria (June 2003). Available at SSRN: https://ssrn.com/abstract=416081

Donald J. Brown (Contact Author)

Yale University - Cowles Foundation ( email )

Box 208281
New Haven, CT 06520-8281
United States

Ravi Kannan

Yale University - Department of Computer Science ( email )

Box 208285
New Haven, CT 06520-8285
United States
203-432-1228 (Phone)

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