倫敦經(jīng)濟(jì)學(xué)院高微講義-消費者理論(3)-預(yù)覽頁
【正文】 price to fall... x2 u … ut how much better off? How do we quantify this gap? If we take the consumer39。? x2 x1 ? x* u x2 x1 ? x* subject to U(x) ? u min n S pixi i=1 subject to max n S pixi ? M i=1 U(x) Because the solutions to the primal and dual problems must match... M = C(p, u) minimised cost in the dual constraint ine in the primal … we know that the underlying solution can be written this way... maximised utility in the primal constraint utility level in the dual u = V(p, M) ...and the other solution this way. Putting the two parts together... M = C(p, V(p, M)) M = C(p, u) We can get some fundamental results on the person39。s Welfare Concepts ?We could use some concepts that we already have. ?Assume that people know what39。The Consumer: Welfare and Aggregation MicroEconomics Aggregation Optimisation and Comparative Statics Welfare Opportunities and Preferences The Consumer Overview... ? Consumer analysis is not just a matter of consumers39。s surplus Utility and Ine CV and EV Consumer 39。welfare39。s Welfare Concepts u ? x* x1 u39。, u) depends on the units of the U function u39。 = V(p39。, M CV) u = V(p, M) the original utility level at prices p and ine M the original utility level restored at new prices p39。s story number 2 u39。 and ine M the new utility level reached at original prices p In this version of the story we get the Equivalent Variation { EV In this version the new utility level is the reference point x 2 x 1 x** x* u39。) = C(p, u39。. If positive we have a welfare increase. Of course we could also look at the welfare changes in the reverse direction, using the same method. This would give us CV(p39。, u ) C(p, u ) OR... what39。 ) C(p, u39。 ) S p39。s surplus CV and EV Utility and Ine Consumer 39。) = dp1 p1 p139。) = EV(p39。s opportunities and preferences look like this. Then... ? B x 1 x 2 ? B39。B39。 WARP will e back to haunt us... x1 Aamp。
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