Economic Equilibrium

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Yildiz Arikan - One of the best experts on this subject based on the ideXlab platform.

  • co2 gdp and ret an aggregate Economic Equilibrium analysis for turkey
    Energy Policy, 2008
    Co-Authors: Gurkan Kumbaroglu, Nihan Karali, Yildiz Arikan
    Abstract:

    There is a worldwide interest in renewable electricity technologies (RETs) due to growing concerns about global warming and climate change. As an EU candidate country whose energy demand increases exponentially, Turkey inevitably shares this common interest on RET. This study, using an aggregate Economic Equilibrium model, explores the Economic costs of different policy measures to mitigate CO2 emissions in Turkey. The model combines energy demands, capital requirements and labor inputs at a constant elasticity of substitution under an economy-wide nested production function. Growing energy demand, triggered by Economic growth, is met by increased supply and initiates new capacity additions. Investment into RET is encouraged via the incorporation of (a) endogenous technological learning through which the RET cost declines as a function of cumulative capacity, and (b) a willingness to pay (WTP) function which imposes the WTP of consumers as a lower bound on RET installation. The WTP equation is obtained as a function of consumer income categories, based on data gathered from a pilot survey in which the contingent valuation methodology was employed. The impacts of various emission reduction scenarios on GDP growth and RET diffusion are explored. As expected, RET penetration is accelerated under faster technological learning and higher WTP conditions. It is found that stabilizing CO2 emissions to year 2005 levels causes Economic losses amounting to 17% and 23% of GDP in the years 2020 and 2030, respectively.

  • CO2, GDP and RET: An aggregate Economic Equilibrium analysis for Turkey
    Energy Policy, 2008
    Co-Authors: Gürkan Kumbaroĝlu, Nihan Karali, Yildiz Arikan
    Abstract:

    There is a worldwide interest in renewable electricity technologies (RETs) due to growing concerns about global warming and climate change. As an EU candidate country whose energy demand increases exponentially, Turkey inevitably shares this common interest on RET. This study, using an aggregate Economic Equilibrium model, explores the Economic costs of different policy measures to mitigate CO2emissions in Turkey. The model combines energy demands, capital requirements and labor inputs at a constant elasticity of substitution under an economy-wide nested production function. Growing energy demand, triggered by Economic growth, is met by increased supply and initiates new capacity additions. Investment into RET is encouraged via the incorporation of (a) endogenous technological learning through which the RET cost declines as a function of cumulative capacity, and (b) a willingness to pay (WTP) function which imposes the WTP of consumers as a lower bound on RET installation. The WTP equation is obtained as a function of consumer income categories, based on data gathered from a pilot survey in which the contingent valuation methodology was employed. The impacts of various emission reduction scenarios on GDP growth and RET diffusion are explored. As expected, RET penetration is accelerated under faster technological learning and higher WTP conditions. It is found that stabilizing CO2emissions to year 2005 levels causes Economic losses amounting to 17% and 23% of GDP in the years 2020 and 2030, respectively. © 2008 Elsevier Ltd. All rights reserved.

Carmela Vitanza - One of the best experts on this subject based on the ideXlab platform.

Monica Milasi - One of the best experts on this subject based on the ideXlab platform.

  • On the study of the Economic Equilibrium problem through preference relations
    Journal of Mathematical Analysis and Applications, 2019
    Co-Authors: Monica Milasi, A. Puglisi, Carmela Vitanza
    Abstract:

    Abstract In this paper we consider a competitive Economic Equilibrium problem where preferences of consumers are expressed by means of a binary relation. The aim is to find a suitable quasi-variational inequality which characterizes the equilibria and, by using tools of variational theory, to study such equilibria. The novelty of this paper consists in the study of an Economic Equilibrium problem by a variational approach without the need of representing the consumer's preferences by a utility function.

  • Lagrangean variables in infinite dimensional spaces for a dynamic Economic Equilibrium problem
    Nonlinear Analysis-theory Methods & Applications, 2011
    Co-Authors: Maria Bernadette Donato, Monica Milasi
    Abstract:

    Abstract This paper is focused on the study of a dynamic competitive Equilibrium by using Lagrangean multipliers. This mathematical formulation allows us the improve the Walrasian model by considering the common possibility of an uncharged delayed payment in a given time (for example, by using a credit card). Firstly the Economic Equilibrium problem is reformulated as an evolutionary variational problem; then the Lagrangean theory in infinite dimensional spaces is applied. Thanks to the application of this theory we obtain the existence of Lagrangean multipliers, which allows us to give a computational procedure for the Equilibrium solutions.

  • a quasi variational approach to a competitive Economic Equilibrium problem without strong monotonicity assumption
    Journal of Global Optimization, 2010
    Co-Authors: Giovanni Anello, Maria Bernadette Donato, Monica Milasi
    Abstract:

    This paper is focused on the investigation of the Walrasian Economic Equilibrium problem involving utility functions. The Equilibrium problem is here reformulated by means of a quasi-variational inequality problem. Our goal is to give an existence result without assuming strong monotonicity conditions. To this end, we make use of a perturbation procedure. In particular, we will consider suitable perturbed utility functions whose gradient satisfies a strong monotonicity condition and whose associated Equilibrium problem admits a solution. Then, we will prove that the limit solution solves the unperturbed problem. We stress out that our result allows us to consider a wide class of utility functions in which the Walrasian Equilibrium problem may be solved.

  • Characterization of a Dynamic Economic Equilibrium in Terms of Lagrangean Multipliers
    2010
    Co-Authors: Maria Bernadette Donato, Monica Milasi, Carmela Vitanza
    Abstract:

    A dynamic Walrasian Economic Equilibrium problem introduced in [3] is considered and, by applying the duality theory in infinite dimensional spaces, a characterization of Equilibrium in terms of Lagrange variables is obtained. Thanks to this characterization we are able to give a description of the behavior of the Economic market during the evolution in time.

  • Quasivariational Inequalities for a Dynamic Competitive Economic Equilibrium Problem
    Journal of Inequalities and Applications, 2009
    Co-Authors: Maria Bernadette Donato, Monica Milasi, Carmela Vitanza
    Abstract:

    The aim of this paper is to consider a dynamic competitive Economic Equilibrium problem in terms of maximization of utility functions and of excess demand functions. This Equilibrium problem is studied by means of a time-dependent quasivariational inequality which is set in the Lebesgue space Open image in new window . This approach allows us to obtain an existence result of time-dependent Equilibrium solutions.

Maria Bernadette Donato - One of the best experts on this subject based on the ideXlab platform.

  • Lagrangean variables in infinite dimensional spaces for a dynamic Economic Equilibrium problem
    Nonlinear Analysis-theory Methods & Applications, 2011
    Co-Authors: Maria Bernadette Donato, Monica Milasi
    Abstract:

    Abstract This paper is focused on the study of a dynamic competitive Equilibrium by using Lagrangean multipliers. This mathematical formulation allows us the improve the Walrasian model by considering the common possibility of an uncharged delayed payment in a given time (for example, by using a credit card). Firstly the Economic Equilibrium problem is reformulated as an evolutionary variational problem; then the Lagrangean theory in infinite dimensional spaces is applied. Thanks to the application of this theory we obtain the existence of Lagrangean multipliers, which allows us to give a computational procedure for the Equilibrium solutions.

  • a quasi variational approach to a competitive Economic Equilibrium problem without strong monotonicity assumption
    Journal of Global Optimization, 2010
    Co-Authors: Giovanni Anello, Maria Bernadette Donato, Monica Milasi
    Abstract:

    This paper is focused on the investigation of the Walrasian Economic Equilibrium problem involving utility functions. The Equilibrium problem is here reformulated by means of a quasi-variational inequality problem. Our goal is to give an existence result without assuming strong monotonicity conditions. To this end, we make use of a perturbation procedure. In particular, we will consider suitable perturbed utility functions whose gradient satisfies a strong monotonicity condition and whose associated Equilibrium problem admits a solution. Then, we will prove that the limit solution solves the unperturbed problem. We stress out that our result allows us to consider a wide class of utility functions in which the Walrasian Equilibrium problem may be solved.

  • Characterization of a Dynamic Economic Equilibrium in Terms of Lagrangean Multipliers
    2010
    Co-Authors: Maria Bernadette Donato, Monica Milasi, Carmela Vitanza
    Abstract:

    A dynamic Walrasian Economic Equilibrium problem introduced in [3] is considered and, by applying the duality theory in infinite dimensional spaces, a characterization of Equilibrium in terms of Lagrange variables is obtained. Thanks to this characterization we are able to give a description of the behavior of the Economic market during the evolution in time.

  • Quasivariational Inequalities for a Dynamic Competitive Economic Equilibrium Problem
    Journal of Inequalities and Applications, 2009
    Co-Authors: Maria Bernadette Donato, Monica Milasi, Carmela Vitanza
    Abstract:

    The aim of this paper is to consider a dynamic competitive Economic Equilibrium problem in terms of maximization of utility functions and of excess demand functions. This Equilibrium problem is studied by means of a time-dependent quasivariational inequality which is set in the Lebesgue space Open image in new window . This approach allows us to obtain an existence result of time-dependent Equilibrium solutions.

  • The Variational Formulation for a Walrasian Economic Equilibrium
    AIP Conference Proceedings, 2009
    Co-Authors: Monica Milasi, Maria Bernadette Donato, Carmela Vitanza
    Abstract:

    An integrated general Walrasian model of exchange, consumption and production is considered. The Equilibrium conditions that describe this Walrasian Economic model are expressed in terms of an associated quasi‐variational inequality; thanks to this characterization we are able to investigate the Economic Equilibrium problem, by applying the variational theory.

Nihan Karali - One of the best experts on this subject based on the ideXlab platform.

  • co2 gdp and ret an aggregate Economic Equilibrium analysis for turkey
    Energy Policy, 2008
    Co-Authors: Gurkan Kumbaroglu, Nihan Karali, Yildiz Arikan
    Abstract:

    There is a worldwide interest in renewable electricity technologies (RETs) due to growing concerns about global warming and climate change. As an EU candidate country whose energy demand increases exponentially, Turkey inevitably shares this common interest on RET. This study, using an aggregate Economic Equilibrium model, explores the Economic costs of different policy measures to mitigate CO2 emissions in Turkey. The model combines energy demands, capital requirements and labor inputs at a constant elasticity of substitution under an economy-wide nested production function. Growing energy demand, triggered by Economic growth, is met by increased supply and initiates new capacity additions. Investment into RET is encouraged via the incorporation of (a) endogenous technological learning through which the RET cost declines as a function of cumulative capacity, and (b) a willingness to pay (WTP) function which imposes the WTP of consumers as a lower bound on RET installation. The WTP equation is obtained as a function of consumer income categories, based on data gathered from a pilot survey in which the contingent valuation methodology was employed. The impacts of various emission reduction scenarios on GDP growth and RET diffusion are explored. As expected, RET penetration is accelerated under faster technological learning and higher WTP conditions. It is found that stabilizing CO2 emissions to year 2005 levels causes Economic losses amounting to 17% and 23% of GDP in the years 2020 and 2030, respectively.

  • CO2, GDP and RET: An aggregate Economic Equilibrium analysis for Turkey
    Energy Policy, 2008
    Co-Authors: Gürkan Kumbaroĝlu, Nihan Karali, Yildiz Arikan
    Abstract:

    There is a worldwide interest in renewable electricity technologies (RETs) due to growing concerns about global warming and climate change. As an EU candidate country whose energy demand increases exponentially, Turkey inevitably shares this common interest on RET. This study, using an aggregate Economic Equilibrium model, explores the Economic costs of different policy measures to mitigate CO2emissions in Turkey. The model combines energy demands, capital requirements and labor inputs at a constant elasticity of substitution under an economy-wide nested production function. Growing energy demand, triggered by Economic growth, is met by increased supply and initiates new capacity additions. Investment into RET is encouraged via the incorporation of (a) endogenous technological learning through which the RET cost declines as a function of cumulative capacity, and (b) a willingness to pay (WTP) function which imposes the WTP of consumers as a lower bound on RET installation. The WTP equation is obtained as a function of consumer income categories, based on data gathered from a pilot survey in which the contingent valuation methodology was employed. The impacts of various emission reduction scenarios on GDP growth and RET diffusion are explored. As expected, RET penetration is accelerated under faster technological learning and higher WTP conditions. It is found that stabilizing CO2emissions to year 2005 levels causes Economic losses amounting to 17% and 23% of GDP in the years 2020 and 2030, respectively. © 2008 Elsevier Ltd. All rights reserved.

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