This clearly written volume provides an accessible examination of
the nature of disequilibrium models. Srivastava and Rao contend
that existing software packages can be easily used to implement
some of the relatively simple methods. This study furnishes a
substantial grounding in the economics and econometrics of the
disequilibrium models by reviewing the Walrasian general
equilibrium theory and by comparing the two genuine alternative
frameworks for analyzing economic phenomena. Srivastava and Rao
demonstrate that while both frameworks share a common set of basic
assumptions about the behavior of the economic decision making
units, they differ in their assumptions about the ability of the
markets to attain equilibrium within a single trading period and
whether trading can take place out of equilibrium. The first two
chapters provide background, divide the existing methods of
estimation of disequilibrium models into two categories, and
explain the estimation methods for the basic model that belongs to
the first category. The next three chapters explain the estimation
methods for the directional, quantitative, and generalized
stochastic models of the second category. Various methods for
testing and evaluating equilibrium versus disequilibrium hypotheses
are investigated in chapter six. Chapter seven examines the
assumptions on which the models are formulated and discusses some
alternative specifications of the disequilibrium models. The final
chapters provide analyses of the economics and econometrics of the
multi-market models and illustrate how some simple estimation
methods can be used to estimate the disequilibrium formulations of
the U. S. labor market. This is an important volume that will aid
in the achievement of methodological consistency between analytical
philosophy and the estimation methods in the applied work on
disequilibrium economics.
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