Accession Number : AD0774094

Title :   The General Equilibrium Model is the Wrong Model and a Noncooperative Strategic Process Model is a Satisfactory Model for the Reconciliation of Micro and Macroeconomic Theory,

Corporate Author : YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS

Personal Author(s) : Shubik,Martin

Report Date : 12 NOV 1973

Pagination or Media Count : 34

Abstract : The paper is devoted to a few basic comments on the modeling of economic processes. The detailed explanations of the assertions made here are given in other papers. There are a few technical concepts required for the understanding of these remarks. Several are well known but several require somewhat more knowledge of the description of information conditions and the meaning of a noncooperative equilibrium in a multiperiod strategic process.

Descriptors :   *Economic models, Equilibrium(General), Game theory, Uncertainty, Strategy

Subject Categories : Economics and Cost Analysis

Distribution Statement : APPROVED FOR PUBLIC RELEASE