倫敦經(jīng)濟學(xué)院高微講義-一般均衡(1)-wenkub
2022-11-02 11:16:17 本頁面
【正文】 did 39。s Problem General Equilibrium Why pricetaking? Overview... ? There39。s only one economic actor ? Therefore there can be no interaction ? Prices are either exogenous (from the mainland? the world? Mars?) or hypothetical Why is Robinson Crusoe so boring? ? Many actors in the economy... ? ...and the possibility of their interaction. ? The endogenisation of prices in the economy. ? But what do we mean by an economy...? Onward from Crusoe... These encapsulate almost all the steps in the course so far resource stocks technology people39。s ine e from...? ? Resources R1h, R2h, ... V1h, V2h, ... ? Shares in firms39。s do this for the manyperson case. What kind of allocation is an equilibrium? for each household subject to Uh(xh) max S pi xih ?Mh n i=1 subject to Ff(yf) ? 0 max S pi yif n i=1 for each firm xi ? yi + Ri and for each good... But what determines these aggregates? The basics of petitive equilibrium Can we add up across households like this...? S xih = xi nh h=1 Yes if i is a rival good Counterexamples: goods like TV, national defence... Aggregate consumption of good i...?? S yif =: yi nf f=1 definition if all the yf are feasible will y be feasible? Yes if there are no production externalities Counterexampl
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