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Hi, I’m Jacob Smith

Computing a competitive equilibrium with multiple goods in R

In the previous blog post titled “Computing the demand for multiple goods in R.” I discussed how we can use embedded for loops along with the command solnl() from the NlcOptim package in r to derive multiple demand curves and make comparisons of cross price changes.What we will do now is add a supply side to…

Computing the demand for multiple goods in R.

Note to reader: If you are new to optimization in R be sure to check out a short video I made on the topic here.The solving of economic models on on the blackboard is very different than programming it. Some things that take getting used to are: In this blog we embark on a journey…

Computing dynamic economic models in R for dummies: using deSolve to get qualitative solutions to Euler equations.

Note: A video explaining the content of this blog can be found hereThe computation of macroeconomic models is one which both fascinates and mystifies new students and scholars in this field. It certainly was a topic which seemed completely inaccessible to me without an advanced knowledge of algorithms and computational expertise. On an outset this…

Computing A Simple Model of Competitive Equilibrium in R

In the previous posts we have learned how to compute a supply curve and a demand curve. What do we need to do to derive a competitive equilibrium? Before we answer that directly, lets first define what a competitive equilibrium is so to get everyone on the same page.Def: A Competitive Equilibrium CE={x,p} is an…

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