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Abstract economy. In theoretical economics, an abstract economy (also called a generalized N-person game) is a model that generalizes both the standard model of an exchange economy in microeconomics, and the standard model of a game in game theory. An equilibrium in an abstract economy generalizes both a Walrasian equilibrium in microeconomics ...
Cartographic generalization is the process of selecting and representing information of a map in a way that adapts to the scale of the display medium of the map. In this way, every map has, to some extent, been generalized to match the criteria of display. This includes small cartographic scale maps, which cannot convey every detail of the real ...
The model is central to the theory of general (economic) equilibrium and it is often used as a general reference for other microeconomic models. It was proposed by Kenneth Arrow, Gérard Debreu in 1954, [1] and Lionel W. McKenzie independently in 1954, [2] with later improvements in 1959. [3][4] The A-D model is one of the most general models ...
Maximum theorem. The maximum theorem provides conditions for the continuity of an optimized function and the set of its maximizers with respect to its parameters. The statement was first proven by Claude Berge in 1959. [1] The theorem is primarily used in mathematical economics and optimal control.
e. In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial ...
In economics, an input–output model is a quantitative economic model that represents the interdependencies between different sectors of a national economy or different regional economies. [1] Wassily Leontief (1906–1999) is credited with developing this type of analysis and earned the Nobel Prize in Economics for his development of this ...
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post ...
Samuelson condition. The Samuelson condition, due to Paul Samuelson, [1] in the theory of public economics, is a condition for optimal provision of public goods. For an economy with n consumers, the conditions is: MRS i is individual i 's marginal rate of substitution and MRT is the economy's marginal rate of transformation between the public ...