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This is opposed to a partial equilibrium, where price levels are taken as given and only output levels are determined within the model economy. Equilibrium: In accordance with Léon Walras's General Competitive Equilibrium Theory, the model captures the interaction between policy actions and behaviour of agents. [6]
In a general equilibrium model with a finite number of commodities, there is always a finite odd number of equilibria, each of which is isolated from every other equilibrium. In models with an infinite number of commodities, and this includes most dynamic models, an equilibrium can be characterized by a bounded sequence of price vectors. [19]
[8] [9] [10] Active matter is a relatively new material classification in soft matter: the most extensively studied model, the Vicsek model, dates from 1995. [11] Research in active matter combines analytical techniques, numerical simulations and experiments.
The structural equilibrium model is a matrix-form computable general equilibrium model in new structural economics. [30] [31] This model is an extension of the John von Neumann's general equilibrium model (see Computable general equilibrium for details). Its computation can be performed using the R package GE.
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models. A CGE model consists of equations describing model variables and ...
For example, dynamic search models are used to study labor-market behavior. [15] A crucial distinction is between deterministic and stochastic models. [ 16 ] Macroeconomists build dynamic stochastic general equilibrium (DSGE) models that describe the dynamics of the whole economy as the result of the interdependent optimizing decisions of ...
Edgeworth box model with slow tatonnement, converging to a stationary state that differs from the usual equilibrium value because of false trading [2] Constrained dynamics models the economy as interacting, bounded rational agents that try to adjust the economic variables to improve their situation (hill climbing as opposed to utility ...
The mass-spring-damper model consists of discrete mass nodes distributed throughout an object and interconnected via a network of springs and dampers. This model is well-suited for modelling object with complex material properties such as nonlinearity and viscoelasticity. Packages such as MATLAB may be used to run simulations of such models. [1]