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The virtues and vices of equilibrium and the future of financial economics

Abstract:

The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this is so, extolling the virtues of equilibrium theory; then we present a critique and describe why this approach is inherently limited, and why economics needs to move in new directions if it is to continue to make progress. We stress that this shou...

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Institution:
University of Oxford
Division:
MPLS
Department:
Mathematical Institute
Role:
Author
Source identifiers:
387699
Subtype:
Scholarly edition
Pubs id:
pubs:387699
UUID:
uuid:8df0b004-da38-4384-923c-4dd95da14e9d
Local pid:
pubs:387699
Deposit date:
2013-11-16

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