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This book contains essays in honour of Claus Weddepohl who, after 22 years, is retiring as professor of mathematical economics at the Department of Quantitative Economics of the University of Amsterdam. Claus Weddepohl may be viewed as th~ first Dutch mathematical economist in the general equi librium tradition of Arrow, Debreu and Hahn. The essays in this book are centered around the themes Equilibrium, Markets and Dynamics, that have been at the heart of Weddepohl's work on mathematical economics for more than three decades. The essays have been classified according to these three themes. Admittedly such a classification always is somewhat arbitrary, and most essays would in fact fit into two or even all three themes. The essays have been written by international as well as Dutch friends and colleagues including Weddepohl's former Ph. D. students. The book starts with a review of Claus Weddepohl's work by Roald Ramer, who has been working with him in Amsterdam for all those years. The review describes how Weddepohl became fascinated by general equilibrium theory in the early stages of his career, how he has been working on the theory of markets throughout his career, and how he turned to applications of nonlinear dynamics to price adjustment processes in a later stage of his career. The first part of the book, Equilibrium, collects essays with general equilib rium theory as the main theme.
List of contents
Claus Weddepohl: the First Dutch Mathematical Economist.- 1 Introduction.- 2 Axiomatic Choice Theory.- 3 General Competitive Equilibrium.- 4 Non-Walrasian Equilibria.- 5 Overlapping Generations.- 6 Markets.- 7 Price Dynamics.- 8 Final Remarks.- Publication of H.N. Weddepohl.- Equilibrium.- Indeterminateness of Equilibria and Macroeconomics.- Equilibrium Properties of Status Seeking and Conformism.- Recent Criticism of General Equilibrium Theory.- Coordinating Thoughts on Coordination Failures.- Dynamic Implementation of Competitive Equilibria in Renegotiation Proof Equilibrium.- On the Economics of Managing and Returns to Communications Technology.- Dynamic Adjustment of Supply Constrained Disequilibria to Walrasian Equilibrium.- A General Equilibrium of Managed Services.- Markets.- Undesired Goods in Applied Demand Analysis.- Animal Communication.- Still Searching for Bertrand Equilibrium.- Environmental Policy and Bertrand Competition: a General Equilibrium Approach.- Retiring Rich.- Scope for Defined Contribution.- Dynamics.- On the Possibility of Economic Dynamics.- A Bifurcation in an Overlapping Generations Model.- Heterogeneous Beliefs and Routes to Complex Dynamics in Asset Pricing Models with Price Contingent Contracts.- Why Are There Nowadays only a Few Articles on Matrices in Economic Journals?.- Learning in Networks.- Imitation of Cooperation in Prisoner's Dilemma Games with Some Local Interaction.- Bubbles and Long Range Dependence in Asset Prices Volatilities.- Nonlinear Dynamics and the Stability of Competitive Equilibria.
Summary
This book contains essays in honour of Claus Weddepohl who, after 22 years, is retiring as professor of mathematical economics at the Department of Quantitative Economics of the University of Amsterdam. Claus Weddepohl may be viewed as th~ first Dutch mathematical economist in the general equi librium tradition of Arrow, Debreu and Hahn. The essays in this book are centered around the themes Equilibrium, Markets and Dynamics, that have been at the heart of Weddepohl's work on mathematical economics for more than three decades. The essays have been classified according to these three themes. Admittedly such a classification always is somewhat arbitrary, and most essays would in fact fit into two or even all three themes. The essays have been written by international as well as Dutch friends and colleagues including Weddepohl's former Ph. D. students. The book starts with a review of Claus Weddepohl's work by Roald Ramer, who has been working with him in Amsterdam for all those years. The review describes how Weddepohl became fascinated by general equilibrium theory in the early stages of his career, how he has been working on the theory of markets throughout his career, and how he turned to applications of nonlinear dynamics to price adjustment processes in a later stage of his career. The first part of the book, Equilibrium, collects essays with general equilib rium theory as the main theme.
Additional text
From the reviews:
"It is … a special kind of collection, ‘Essays in Honour’ – or festchrifts as some like to call them. Here the unifying idea is not a special topic but a person and his academic life. Interesting and productive lifes, such as Claus Weddepohl’s, make it easier to produce a simulating book and the editors did not miss the opportunity. … I found reading this book a fruitful experience and I recommend it especially to younger colleagues." (Alfredo Medio, Journal of Economic Behavior and Organization, Vol. 58, 2005)
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From the reviews:
"It is ... a special kind of collection, 'Essays in Honour' - or festchrifts as some like to call them. Here the unifying idea is not a special topic but a person and his academic life. Interesting and productive lifes, such as Claus Weddepohl's, make it easier to produce a simulating book and the editors did not miss the opportunity. ... I found reading this book a fruitful experience and I recommend it especially to younger colleagues." (Alfredo Medio, Journal of Economic Behavior and Organization, Vol. 58, 2005)
