倫敦經(jīng)濟學院高微講義-一般均衡-展示頁
2024-10-27 11:17本頁面
【正文】 along to the swap shop... ? ...and some bossy person is there who proposes (insists on?) a particular feasible allocation. ? You and some others don39。s offer curve The two offer curves 1 x2b Ob x1a x2a Oa x1b R1b R1a R2a R2b Offers are only consistent where curves intersect But, by construction... This is the petitive equilibrium ? Satisfies materials balance E D equilibrium here endowment here Pricetaking utili ymaximising Bill endowment here equilibrium here Pricetaking utilitymaximising Alf ?But why petitive behaviour? ?Why should Alf and Bill behave that way? ?Where do the prices e from? Given petitive behaviour, the CE is the only consistent allocation subject to h h S pixi ? M i=1 U (x ) max n h h So where do the prices e from? ? We need a more general solution concept ? Then examine how pricetaking equilibrium relates to this. ? Let39。s point of view How Alf responds as p1/p2 changes... x1a R1a R2a x2a Oa ? ? ? ? ? ? ? ? ? ? Alf39。ll redraw the Edgeworth box Some puzzles in petitive equilibrium analysis General equilibrium Robinson Crusoe’s problem Decentrali sation and Trade A manyperson Economy Why pricetaking? Excess demand The solution concept Prices and the Core An exchange economy Why pricetaking? D E O a x 2 a x 1 a D E x 1 a x 2 a x 1 b O b O a D E x 2 b x 1 b O b What would I do
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