倫敦經(jīng)濟學(xué)院高微講義-消費者理論(4)(參考版)
2024-10-21 11:17本頁面
【正文】 s substitution effect... Let39。s look at how this may be implemented... (yes, folks, this has practical value...) Labour supply... Take the ownprice version of the (modified) Slutsky: ? ? ? ?ddxpH u R x D Mijjij j Mi*,*,? ? ??????p pi i i i And interpret good i as leisure... labour supply h (time not consumed) wage w (the price of time) d h money ine = wh. (Note: full ine M is wh plus value of leisure) If ine es only from work... e ? e ? e total subst ine negative if leisure is a normal good + or ??? must be positive! Estimate the whole demand system from family expenditure data... In elasticity form... The estimated elasticities... Men39。s equilibrium... Flip picture to look at good 2 ? R x1 x2 ? x* ? x** ? x*** supply of good 2 Interpret this as household supply of good 2 Flip again, to make this clearer ? R supply of good 2 supply of good 2 ? R x1 p2 do you see why it bends backwards? OK: back to the maths... ..and rescale the vertical axis dxi* dM = Dij(p,M) + DiM(p,M) dpj dpj Demand with endogenous ine direct effect on demand effect on ine xi* = Di(p, M) = Di(p, Sj pjRj) Differentiate to get effect of price change ... ...introduce the Slutsky equation dxi* dM * = Dij(p,M) + DiM(p,M) dpj dpj Dij(p,M) = Hij(p,u) xj* DiM(p,M) dxi* = Hij(p,u) + [Rj xj* ] DiM(p,M) dpj Dij(p,M) = Hij(p,u) xj* DiM(p,M) ... to get the Modified Slutsky equation dxi* = Hij(p,u) + [Rj xj* ] DiM(p,M) dpj ? This term makes all the difference ? Negative if the person is a demander ? Positive if he is a supplier the Modified Slutsky equation: ? Subsistence farming ? Saving ? Labour supply ? ... It39。s look at the demand curve... The Slutsky equation: ownprice effects. substitution effect
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