伦敦经济学院高微一般均衡课件.ppt
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- 伦敦 经济学院 一般 均衡 课件
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1、Excess DemandDecentralis-ationand TradeA many-person economyRobinson Crusoes ProblemExcess DemandDecentralis-ationand TradeRobinson Crusoes ProblemGeneral EquilibriumWhy price-taking?Why price-taking?Overview.lTheres only one economic actorlTherefore there can be no interactionlPrices are either exo
2、genous(from the mainland?the world?Mars?)or hypotheticalWhy is Robinson Crusoe so boring?lMany actors in the economy.l.and the possibility of their interaction.lThe endogenisation of prices in the economy.lBut what do we mean by an economy.?we need this to give meaning to equilibriumOnward from Crus
3、oe.These encapsulate almost all the steps in the course so farresource stockstechnologypeoples tastesThree major componentsnResourcesnh of thesenHouseholds(preferences)U1,U2,.nFirms(technologies)F1,F2,.nf of thesen of theseR1,R2,.What is an economy?General equilibriumRobinsonCrusoesproblemDecentrali
4、-sation andTradeA many-person EconomyWhy price-taking?Excess demandIncomesEquilibriumIncomesAllocationsEquilibriumA many-person economyof consumption basketsfor each household.Think of this as two collections.and of net outputs for each firm.like this.x1,x2,x3,.y1,y2,y3,.The state of an economy is d
5、escribed by an allocation.Formally,an allocation is.nA collection of bundles(one for each household)nA collection of net-output vectors(one for each firm)nA set of prices(used by households and firms)pxhyfprofit-maximisingutility-maximising.and a competitive allocation is.p yf(p)(profit maximisation
6、)yf(p):f=1,2,.,nfEach firms behavioural response maps prices into net outputsp,Mhxh(p)(utilitymaximisation)xh(p):h=1,2,.,nhEach households behavioural response maps prices and incomes into demandsThe allocation ajust a minute!where dothese incomes come from?How does a competitive allocation work?Gen
7、eral equilibriumRobinsonCrusoesproblemDecentrali-sation andTradeA many-person EconomyWhy price-taking?Excess demandIncomesEquilibriumAllocationsAllocationsEquilibriumA many-person economyownershiprights ofeverythingon the island Where did R.Crusoes income come from.?nResourcesR1h,R2h,.V1h,V2h,.nShar
8、es infirms profitsSo what does household h possess?0Vfh1 Rih0nResourcesnShares in firmsnNet outputsnPricesProfitsRentsThe components of incomelets look atthe role ofpricesIncomesNet outputs depend on prices.yif =yif(p)(supply of net outputs)P f(p):=S pi yif(p)n i=1directlyindirectlyAnd so profits de
9、pend on prices.and Incomes=resource rents+profits Mh=S pi Rih+S Vfh P f(p)n nf i=1 f=1P f(p):=S pi yif(p)n i=1Mh=Mh(p).so incomes depend on pricesProfits are a function of prices.yf(p):f=1,2,.,nfxh(p):h=1,2,.,nhSo,take the allocation as a collection of responses.pp,MhThe allocation a.and substitute
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