斯科特微观经济学课件Chapter-21---The-problem-of-exchange.ppt

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1、Chapter21TheProblemofExchange2Harvesting&Gathering:NeedforTradePrimitive,two-personeconomyGeoffrey,ElizabethHarvest&gatherfruitApples,raspberriesIndividualpropertyrightsVoluntarytrade–beneficialOptionsConsumeallTradesomeEdgeworthBox&FeasibleTradesEdgeworthboxGraphicaldeviceAnalyze:proc

2、essoftradeSize-totalamountofgoodsConsumptionPoints–possibleallocation3EdgeworthBox&FeasibleTradesAllocationQuantities-eachgoodConsumed-eachagentFeasibleallocationPossible-goodsavailableineconomyNo-tradeallocationFeasibleallocationNotradeConsume–ownharvest4Figure21.1TheEdgeworthbox:theb

3、enefitsoftrade5Eachpointintheboxrepresentsadifferentwayofallocatingthetwogoodsintheeconomytothetwoagents.Quantitiesofapplesaremeasuredontheverticalaxisandquantitiesofraspberriesonthehorizontalaxis.Geoffrey’sconsumptionlevelsaremeasuredfrompointAandElizabeth’sfrompointC.RaspberriestoGeo

4、ffrey0238ApplestoGeoffrey3810fDApplestoElizabeth27RaspberriestoElizabeth065eCBAFindingEquilibriumTradesEquilibriumallocationOncereachedNoincentive-tradeBlockPreventatradeCoalition–eachgetsmoreIndividuallyrationaltradeHigherutility-thannotrade6Figure21.2Utility-improvingtrades7Theshaded

5、,lens-shapedarearepresentsthesetofallocationsthatdonotlowereitheragent’sutilityrelativetotheno-tradeallocationatpointf.RaspberriestoGeoffrey0248ApplestoGeoffrey6810fDApplestoElizabeth24RaspberriestoElizabeth064hCBAgjiI1gI1eI2eI3eI3gI2gEfficient/Pareto-OptimalAllocationPareto-optimal(ef

6、ficient)allocationAllocationofgoodsacrosspeopleAllotherfeasibleallocationAgents-worseoffNotefficientallocationIndifferencecurves-lens-shapeareaEfficientallocationIndifferencecurves-tangent8MarginalConditionsforEfficientTradesEfficientallocationTangencypoint-indifferencecurvesMarginalra

7、tesofsubstitution-sameContractcurveCurveinEdgeworthboxAllefficienttrades9OGOEFigure21.3Thecontractcurveandthecore10Theshaded,lens-shapedarearepresentsthesetofallocationsthatdonotlowereitheragent’sutilityrelativetotheno-tradeallocationatpointf.fDCBAApplestoElizabethRaspberriestoElizab