倫敦經(jīng)濟學(xué)院高微講義-消費者理論(2)-預(yù)覽頁
【正文】 The exante/expost distinction: time This important concept can be thought of in terms of a simple diagram The moment of truth time at which the stateof the world is revealed Rainbow of possible statesoftheworld ? Decisions to be made here The ex ante view... time payoffs from decisions Only one realised stateoftheworld ? (it39。s pursue the first of these... (Two main points...) But what determines the shape of the indifference map? Given this situation... suppose RED begins to seem less likely ? A x(BLUE) x(RED) ? E ? B you need a bigger win to pensate Indifference curves after the change change in perception rotates the contours After the change B (not A) is equivalent to E ? Distinguish goods by stateoftheworld as well as by physical characteristics etc ? Extend consumer axioms to this classification of goods ? From indifference curves get the concept of certainty equivalent ? Model changes in perceptions of uncertainty about future prospects A provisional summary on modelling uncertainty. We can: The Consumer Opportunities and Preferences Expected Utility Risk Aversion Optimisation and Comp. Statics Aggregation Welfare Modelling Uncertainty l i rtai ty The Basics (Again) Further restrictions on the structure of utility functions Three extra axioms to clarify the consumer39。 = Choose a prospect: A39。39。d sacrifice to eliminate the risk The risk premium again ?Use an extension of standard consumer theory to model uncertainty ?The statespace approach gets you a long way, but perhaps not far enough. ?Extra axioms give you the vNM form. ?Then we can define risk aversion Summary
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