倫敦經(jīng)濟學(xué)院高微講義-消費者理論(1)-展示頁
2024-10-28 10:46本頁面
【正文】 onomic sense But n gative ruled out by definition Consumption goods are (theoretically) divisible and indefinitely extendable The consumption set x1 x2 Consumption set X consists of discrete, nondivisible objects Rules out this case... x1 x2 Consumption set X has a few holes in it ... and this x1 x2 Consumption of x1 has a physical upper limit ... and this The Consumer Opportunities and Preferences Revealed Preference Axiomatic Approach Optimisation and Comp. Statics Aggregation Welfare Budget Sets Axiomatic Approach The Basics x1 What determines its shape and position? x2 Slope the role of prices p1 p2 Position two possibilities ? Exogenous ? Endogenous ? Fixed by amount of money ine M ? Fixed by endowment of resources R The budget constraint The budget constraint 1: fixed nominal ine p1 M x1 x2 p2 M he budget constraint 1: altering p1 The budget constraint 2: fixed resource endowment x1 x2 R The budget constraint2: altering p1 M = S pi Ri n i=1 x 2 x 1 ? There are many ways of specifying ine ?The specification can affect behaviour when prices change R The budget constraint: Points to remember A little practice... Don’t underestimate the importance of familiarising yourself with the way budget sets work... The Consumer Opportunities and Preferences Revealed Preference Axiomatic Approach Optimisation and Comp. Statics Aggregation Welfare Budget Sets Axiomatic Approach t seThe Basics ? In the case of the firm we have an observable constraint set (input requirement set)… ? …and we can reasonably assume an obvious objective function (profits) ? But, for the consumer it is more difficult. ? We have an observable constraint set (budget set)… ? But what objective f
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