Hahn's Problem

	Hahn's Problem Hahn's problem (or Hahn's question) refers to the theoretical challenge of building general equilibrium models where money does not enter preferences, yet has a positive equilibrium value. Money, since it is intrinsically worthless and is not demanded for its own sake, may not be made to enter the utility function and be present like any other good. The problem is named after the British economist Frank Hahn, who outlined it in his critique of Don Patinkin Don Patinkin (Hebrew: דן פטינקין) (January 8, 1922 – August 7, 1995) was an American-born Israeli monetary economist, and the President of the Hebrew University of Jerusalem.Nissan Liviatan, 2008. "Patinkin, Don (1922–1995)," ''The N ...'s placing money inside the utility function. References General equilibrium theory Economic puzzles {{Econ-stub, date=September 2021 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	General Equilibrium In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Frank Hahn Frank Horace Hahn FBA (26 April 1925 – 29 January 2013) was a British economist whose work focused on general equilibrium theory, monetary theory, Keynesian economics and critique of monetarism. A famous problem of economic theory, the conditions under which money, which is intrinsically worthless, can have a positive value in a general equilibrium, is called "Hahn's problem" after him. One of Hahn's main abiding concerns was the understanding of Keynesian (Non-Walrasian) outcomes in general equilibrium situations. Biography Early life and education Frank Hahn was born on 26 April 1925 in Berlin to Arnold and Maria Hahn, their roots in German and Czech speaking Jewish communities respectively. Arnold Hahn was a chemist by profession and a writer. Arnold and Maria Hahn with their two sons, Peter and Frank, moved to Prague in 1931 (or possibly 1934) and left for England in 1938. Frank's older brother was Peter Hahn (8 November 1923 – 28 August 2007) who became an eminent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Don Patinkin Don Patinkin (Hebrew: דן פטינקין) (January 8, 1922 – August 7, 1995) was an American-born Israeli monetary economist, and the President of the Hebrew University of Jerusalem.Nissan Liviatan, 2008. "Patinkin, Don (1922–1995)," ''The New Palgrave Dictionary of Economics'', 2nd EditionAbstract./ref> Biography Don Patinkin was born January 8, 1922, in Chicago, to a family of Jewish emigrants from Poland. While doing his undergraduate studies at the University of Chicago, he also studied the Talmud at the Hebrew Theological College in Chicago. He continued at Chicago for his graduate studies, earning a Ph.D. in 1947 under the supervision of Oskar R. Lange. Patinkin was a strong Zionist and, while doing his graduate studies, planned to immigrate to Palestine; in his graduate research he studied Palestinian economics, although he did not complete his thesis in this subject. After graduating he held lecturer positions at the University of Chicago and the University of Illi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	General Equilibrium Theory In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]