伦敦经济学院高微讲义-一般均衡.ppt

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1、MicroeconomicsGeneralEquilibrium:pricetakingExcessDemandDecentralis-ationandTradeAmany-personeconomyRobinsonCrusoe'sProblemExcessDemandDecentralis-ationandTradeRobinsonCrusoe'sProblemGeneralEquilibriumWhyprice-taking?Amany-personeconomyOverview...Sofarwe'vefocusedon

2、competitiveequilibriumanalysis.Butwhy?Whyconcentrateonequilibrium?Whyassumecompetitivebehaviour?Let'sstartbyhavinganotherlookattheexchangeeconomy.We'llredrawtheEdgeworthboxSomepuzzlesincompetitiveequilibriumanalysisGeneralequilibriumRobinsonCrusoe’sproblemDecentrali

3、-sationandTradeAmany-personEconomyWhyprice-taking?ExcessdemandThesolutionconceptPricesandtheCoreThesolutionconceptAnexchangeeconomyPricesandtheCoreWhyprice-taking?DEOax2ax1aDEx1ax2ax1bObOaDEx2bx1bObWhatwouldIdooutofequilibrium?Andwhatwouldhedo?Let'slookattheinnerwor

4、kings...BuildinganEdgeworthboxx1aR1aR2ax2aOaThesituationfromAlf'spointofviewHowAlfrespondsasp1/p2changes...x1aR1aR2ax2aOaAlf'soffercurveWhataboutBill?x1bR1bR2bx2bObThesituationfromhispointofview...asanAustralianx1bR1bR2bx2bObHowBillrespondsasp1/p2changes...x1bR1bR2b

5、x2bObBill'soffercurveThetwooffercurves1x2bObx1ax2aOax1bR1bR1aR2aR2bOffersareonlyconsistentwherecurvesintersectBut,byconstruction...ThisisthecompetitiveequilibriumSatisfiesmaterialsbalanceEDequilibriumhereendowmentherePrice-takingutility-maximisingBillendowmenthereeq

6、uilibriumherePrice-takingutility-maximisingAlfButwhycompetitivebehaviour?WhyshouldAlfandBillbehavethatway?Wheredothepricescomefrom?Givencompetitivebehaviour,theCEistheonly"consistent"allocationsubjecttohhSpixi£Mi=1U(x)maxnhhSpixi£MSowheredothepricescomefrom?Weneedam

7、oregeneralsolutionconceptThenexaminehowprice-takingequilibriumrelatestothis.Let'sdeveloptheapproachfortheexchangeeconomy,thoughitcouldapplytomoreinterestingeconomies.AfreshapproachGeneralequilibriumRobinsonCrusoe’sproblemDecentrali-sationandTradeAmany-personEconomyW

8、hyprice-taking?ExcessdemandThesolutionconceptPricesandtheCoreAnexchangeeconomyPricesandtheCoreAnexchangeeconomyWhyprice-taking?Viewthepopu