Defining efficient policies in a general equilibrium model: a multi-objective approach

Macroeconomic policy makers are typically concerned with several indicators of economic performance. We thus propose to tackle the design of macroeconomic policy using Multicriteria Decision Making (MCDM) techniques. More specifically, we employ Multiobjective Programming (MP) to seek so-called efficient policies. The MP approach is combined with a computable general equilibrium (CGE) model. We chose use of a CGE model since they have the dual advantage of being consistent with standard economic theory while allowing one to measure the effect(s) of a specific policy with real data. Applying the proposed methodology to Spain (via the 1995 Social Accounting Matrix) we first quantified the trade-offs between two specific policy objectives: growth and inflation, when designing fiscal policy. We then constructed a frontier of efficient policies involving real growth and inflation. In doing so, we found that policy in 1995 Spain displayed some degree of inefficiency with respect to these two policy objectives. We then offer two sets of policy recommendations that, ostensibly, could have helped Spain at the time. The first deals with efficiency independent of the importance given to both growth and inflation by policy makers (we label this set: general policy recommendations). A second set depends on which policy objective is seen as more important by policy makers: increasing growth or controlling inflation (we label this one: objective-specific recommendations).

A historical account of types of fuzzy sets and their relationships

In this paper, we review the definition and basic properties of the different types of fuzzy sets that have appeared up to now in the literature. We also analyze the relationships between them and enumerate some of the applications in which they have been used.

On the nullstellensätze for stein spaces and C-analytic sets.

In this work we prove the real Nullstellensatz for the ring O(X) of analytic functions on a C-analytic set X ⊂ Rn in terms of the saturation of Łojasiewicz’s radical in O(X): The ideal I(Ƶ(a)) of the zero-set Ƶ(a) of an ideal a of O(X) coincides with the saturation (Formula presented) of Łojasiewicz’s radical (Formula presented). If Ƶ(a) has ‘good properties’ concerning Hilbert’s 17th Problem, then I(Ƶ(a)) = (Formula presented) where (Formula presented) stands for the real radical of a. The same holds if we replace (Formula presented) with the real-analytic radical (Formula presented) of a, which is a natural generalization of the real radical ideal in the C-analytic setting. We revisit the classical results concerning (Hilbert’s) Nullstellensatz in the framework of (complex) Stein spaces. Let a be a saturated ideal of O(Rn) and YRn the germ of the support of the coherent sheaf that extends aORn to a suitable complex open neighborhood of Rn. We study the relationship between a normal primary decomposition of a and the decomposition of YRn as the union of its irreducible components. If a:= p is prime, then I(Ƶ(p)) = p if and only if the (complex) dimension of YRn coincides with the (real) dimension of Ƶ(p).