倫敦經(jīng)濟(jì)學(xué)院高微講義-消費(fèi)者理論(1)(文件)
【正文】 nt of modity i modity vector A basket of goods X consumption set x ? X Feasibility Notation: Quantities p i p = (p1, p2, ..., pn) M price of modity i price vector (money) ine Notation: Prices Things that shape the consumer39。t said anything yet about objectives...) x ? X What is the set of logically feasible baskets ...?? The Consumption Set x1 x2 We usually assume that X consists of the whole nonnegative orthant Zero consumptions make good economic sense But n gative ruled out by definition Consumption goods are (theoretically) divisible and indefinitely extendable The consumption set x1 x2 Consumption set X consists of discrete, nondivisible objects Rules out this case... x1 x2 Consumption set X has a few holes in it ... and this x1 x2 Consumption of x1 has a physical upper limit ... and this The Consumer Opportunities and Preferences Revealed Preference Axiomatic Approach Optimisation and Comp. Statics Aggregation Welfare Budget Sets Axiomatic Approach The Basics x1 What determines its shape and position? x2 Slope the role of prices p1 p2 Position two possibilities ? Exogenous ? Endogenous ? Fixed by amount of money ine M ? Fixed by endowment of resources R The budget constraint The budget constraint 1: fixed nominal ine p1 M x1 x2 p2 M he budget constraint 1: altering p1 The budget constraint 2: fixed resource endowment x1 x2 R The budget constraint2: altering p1 M = S pi Ri n i=1 x 2 x 1 ? There are many ways of specifying ine ?The specification can affect behaviour when prices change R The budget constraint: Points to remember A little practice... Don’t underestimate the importance of familiarising yourself with the way budget sets work...
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