北大微观经济学课件英文版.ppt
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1、2023-1-9中级微观经济学Chapter Twenty-NineExchange2023-1-9中级微观经济学ExchangeuTwo consumers,A and B.uTheir endowments of goods 1 and 2 are uE.g.uThe total quantities available AAA (,)12 BBB (,).12and A (,)6 4 B (,).2 2and 11628AB 22426AB units of good 1units of good 2.andare2023-1-9中级微观经济学ExchangeuEdgeworth and
2、 Bowley devised a diagram,called an Edgeworth box,to show all possible allocations of the available quantities of goods 1 and 2 between the two consumers.2023-1-9中级微观经济学Starting an Edgeworth Box2023-1-9中级微观经济学Starting an Edgeworth BoxWidth=11628AB 2023-1-9中级微观经济学Starting an Edgeworth BoxWidth=11628A
3、B Height=22426AB 2023-1-9中级微观经济学Starting an Edgeworth BoxWidth=11628AB Height=22426AB The dimensions ofthe box are thequantities availableof the goods.2023-1-9中级微观经济学Feasible AllocationsuWhat allocations of the 8 units of good 1 and the 6 units of good 2 are feasible?uHow can all of the feasible all
4、ocations be depicted by the Edgeworth box diagram?2023-1-9中级微观经济学Feasible AllocationsuWhat allocations of the 8 units of good 1 and the 6 units of good 2 are feasible?uHow can all of the feasible allocations be depicted by the Edgeworth box diagram?uOne feasible allocation is the before-trade alloca
5、tion;i.e.the endowment allocation.2023-1-9中级微观经济学Width=11628AB Height=22426AB The endowmentallocation is A (,)6 4 B (,).2 2andThe Endowment Allocation2023-1-9中级微观经济学Width=11628AB Height=22426AB A (,)6 4 B (,)2 2The Endowment Allocation2023-1-9中级微观经济学 A (,)6 4OAOB68 B (,)2 2The Endowment Allocation20
6、23-1-9中级微观经济学 A (,)6 4OAOB6846The Endowment Allocation2023-1-9中级微观经济学 B (,)2 2OAOB684622The Endowment Allocation2023-1-9中级微观经济学 A (,)6 4 B (,)2 2OAOB684622TheendowmentallocationThe Endowment Allocation2023-1-9中级微观经济学More generally,The Endowment Allocation2023-1-9中级微观经济学The Endowment AllocationOAOBTh
7、eendowmentallocation 11AB 2A 22AB 1A 1B 2B2023-1-9中级微观经济学Other Feasible Allocationsu denotes an allocation to consumer A.u denotes an allocation to consumer B.uAn allocation is feasible if and only if(,)xxAA12(,)xxBB12xxABAB1111 xxABAB2222 .and2023-1-9中级微观经济学Feasible ReallocationsOAOB 11AB xA2 22AB
8、xA1xB1xB22023-1-9中级微观经济学Feasible ReallocationsOAOB 11AB xA2 22AB xA1xB1xB22023-1-9中级微观经济学Feasible ReallocationsuAll points in the box,including the boundary,represent feasible allocations of the combined endowments.2023-1-9中级微观经济学Feasible ReallocationsuAll points in the box,including the boundary,re
9、present feasible allocations of the combined endowments.uWhich allocations will be blocked by one or both consumers?uWhich allocations make both consumers better off?2023-1-9中级微观经济学Adding Preferences to the Box 2A 1AxA2xA1OAFor consumer A.2023-1-9中级微观经济学Adding Preferences to the Box 2A 1AxA2xA1More
10、preferredFor consumer A.OA2023-1-9中级微观经济学Adding Preferences to the Box 2B 1BxB2xB1For consumer B.OB2023-1-9中级微观经济学Adding Preferences to the BoxxB2xB1More preferredFor consumer B.OB 2B 1B2023-1-9中级微观经济学Adding Preferences to the Box 2B 1BxB1xB2More preferredFor consumer B.OB2023-1-9中级微观经济学Adding Prefe
11、rences to the Box 2A 1AxA2xA1OAFor consumer A.2023-1-9中级微观经济学Adding Preferences to the Box 2A 1AxA2xA1OA 2B 1BxB1xB2OB2023-1-9中级微观经济学Edgeworths Box 2A 1AxA2xA1OA 2B 1BxB1xB2OB2023-1-9中级微观经济学Pareto-ImprovementuAn allocation of the endowment that improves the welfare of a consumer without reducing the
12、 welfare of another is a Pareto-improving allocation.uWhere are the Pareto-improving allocations?2023-1-9中级微观经济学Edgeworths Box 2A 1AxA2xA1OA 2B 1BxB1xB2OB2023-1-9中级微观经济学Pareto-Improvements 2A 1AxA2xA1OA 2B 1BxB1xB2OBThe set of Pareto-improving allocations2023-1-9中级微观经济学Pareto-ImprovementsuSince each
13、 consumer can refuse to trade,the only possible outcomes from exchange are Pareto-improving allocations.uBut which particular Pareto-improving allocation will be the outcome of trade?2023-1-9中级微观经济学Pareto-Improvements 2A 1AxA2xA1OA 2B 1BxB1xB2OBThe set of Pareto-improving reallocations2023-1-9中级微观经济
14、学Pareto-Improvements2023-1-9中级微观经济学Pareto-Improvements2023-1-9中级微观经济学Pareto-ImprovementsTradeimproves bothAs and Bs welfares.This is a Pareto-improvementover the endowment allocation.2023-1-9中级微观经济学Pareto-ImprovementsNew mutual gains-to-trade region is the set of all further Pareto-improving realloc
15、ations.Tradeimproves bothAs and Bs welfares.This is a Pareto-improvementover the endowment allocation.2023-1-9中级微观经济学Pareto-ImprovementsFurther trade cannot improve both A and Bs welfares.2023-1-9中级微观经济学Pareto-OptimalityBetter forconsumer BBetter forconsumer A2023-1-9中级微观经济学Pareto-OptimalityA is str
16、ictly better off but B is strictly worse off2023-1-9中级微观经济学Pareto-OptimalityA is strictly better off but B is strictly worse offB is strictly betteroff but A is strictlyworse off2023-1-9中级微观经济学Pareto-OptimalityA is strictly better off but B is strictly worse offB is strictly betteroff but A is stric
17、tlyworse offBoth A andB are worseoff2023-1-9中级微观经济学Pareto-OptimalityA is strictly better off but B is strictly worse offB is strictly betteroff but A is strictlyworse offBoth Aand B are worse offBoth A andB are worseoff2023-1-9中级微观经济学Pareto-OptimalityThe allocation isPareto-optimal since theonly way
18、 one consumerswelfare can be increased is todecrease the welfare of the otherconsumer.2023-1-9中级微观经济学Pareto-OptimalityThe allocation isPareto-optimal since theonly way one consumerswelfare can be increased is todecrease the welfare of the otherconsumer.An allocation where convexindifference curves a
19、re“only just back-to-back”is Pareto-optimal.2023-1-9中级微观经济学Pareto-OptimalityuWhere are all of the Pareto-optimal allocations of the endowment?2023-1-9中级微观经济学Pareto-Optimality 2A 1AxA2xA1OA 2B 1BxB1xB2OB2023-1-9中级微观经济学Pareto-Optimality 2A 1AxA2xA1OA 2B 1BxB1xB2OBAll the allocations marked bya are Par
20、eto-optimal.2023-1-9中级微观经济学Pareto-OptimalityuThe contract curve is the set of all Pareto-optimal allocations.2023-1-9中级微观经济学Pareto-Optimality 2A 1AxA2xA1OA 2B 1BxB1xB2OBAll the allocations marked bya are Pareto-optimal.The contract curve2023-1-9中级微观经济学Pareto-OptimalityuBut to which of the many alloc
21、ations on the contract curve will consumers trade?uThat depends upon how trade is conducted.uIn perfectly competitive markets?By one-on-one bargaining?2023-1-9中级微观经济学The Core 2A 1AxA2xA1OA 2B 1BxB1xB2OBThe set of Pareto-improving reallocations2023-1-9中级微观经济学The Core 2A 1AxA2xA1OA 2B 1BxB1xB2OB2023-1
22、-9中级微观经济学The Core 2A 1AxA2xA1OA 2B 1BxB1xB2OBPareto-optimal trades blocked by BPareto-optimal trades blocked by A2023-1-9中级微观经济学The Core 2A 1AxA2xA1OA 2B 1BxB1xB2OBPareto-optimal trades not blocked by A or B2023-1-9中级微观经济学The Core 2A 1AxA2xA1OA 2B 1BxB1xB2OBPareto-optimal trades not blocked by A or
23、B are the core.2023-1-9中级微观经济学The CoreuThe core is the set of all Pareto-optimal allocations that are welfare-improving for both consumers relative to their own endowments.uRational trade should achieve a core allocation.2023-1-9中级微观经济学The CoreuBut which core allocation?uAgain,that depends upon the
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