倫敦經(jīng)濟(jì)學(xué)院高微講義-一般均衡(1)-預(yù)覽頁
【正文】 manyperson economy of consumption baskets for each household... Think of this as two collections ...and of outputs for each firm. … like this. [x1, x2, x3,... ] [y1, y2, y3,... ] The state of an economy is described by an allocation... Formally, an allocation is... ? A collection of bundles (one for each household) ? A collection of output vectors (one for each firm) ? A set of prices (used by households and firms) p [xh] [yf] profitmaximising utilitymaximising ..and a petitive allocation is... p yf(p) (profit maximisation) { ):f=1,2,...,nf} Each firm39。 profits So what does household h possess? 0?Vfh?1 Rih?0 ? Resources ? Shares in firms ? Net outputs ? Prices Profits Rents let39。s optimisation problem Alf39。 Bill from here... ? E D x 1 a x 2 a x 2 b x 1 b O b O a equilibrium ...to here. ? E D x 1 a x 2 a x 2 b x 1 b O b O a Ines in the distribution match expenditures in the allocation The role of prices is central... ?The Crusoe equilibrium story translates to a manyperson economy. ?Role of prices in allocations and equilibrium is crucial. ?Equilibrium depends on distribution of endowments. ?Main features are in the model of Alf and Bill. ?But, why, why, why do these guys just accept the going prices...? ?…that’s for next time. Alf and Bill as a microcosm.
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