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3. Computing Equilibrium

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Uploaded on Apr 1, 2011

Financial Theory (ECON 251)

Our understanding of the economy will be more tangible and vivid if we can in principle explain all the economic decisions of every agent in the economy. This lecture demonstrates, with two examples, how the theory lets us calculate equilibrium prices and allocations in a simple economy, either by hand or using a computer. In future lectures we shall extend this method so as to compute equilibrium in financial economies with stocks and bonds and other financial assets.

00:00 - Chapter 1. Introduction
02:48 - Chapter 2. Welfare and Utility in Free Markets
16:52 - Chapter 3. Equilibrium amidst Consumption and Endowments
32:43 - Chapter 4. Anticipation of Prices
52:53 - Chapter 5. Log Utilities and Computer Models of Equilibrium

Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses

This course was recorded in Fall 2009.

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