General equilibrium models and homotopy methods

Abstract

Our purpose is to argue the inevitable and lasting role which homotopy methods will play in both theoretical and applied economic analysis. The essence of our position is that large equilibrium models are needed to anticipate adjustments in the economy following policy changes or shock events, and that homotopy methods are needed to analyze these equilibrium models. In addition to the computation of equilibria, homotopy methods will play an important role in the study of multiplicity of equilibria, tâtonnement, comparative statics, and market instability.

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