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1、MicroeconomicsGeneralEquilibrium:amany-personeconomyExcessDemandDecentralis-ationandTradeAmany-personeconomyRobinsonCrusoe'sProblemExcessDemandDecentralis-ationandTradeRobinsonCrusoe'sProblemGeneralEquilibriumWhyprice-taking?Whyprice-taking?Overview...There'so
2、nlyoneeconomicactorThereforetherecanbenointeractionPricesareeitherexogenous(fromthemainland?theworld?Mars?)orhypotheticalWhyisRobinsonCrusoesoboring?Manyactorsintheeconomy......andthepossibilityoftheirinteraction.Theendogenisationofpricesintheeconomy.Butwhatdo
3、wemeanby"aneconomy"...?weneedthistogivemeaningto"equilibrium"OnwardfromCrusoe...Theseencapsulatealmostallthestepsinthecoursesofarresourcestockstechnologypeople'stastesThreemajorcomponentsResourcesnhoftheseHouseholds(preferences)U1,U2,...Firms(technologies)F1,F
4、2,...nfofthesenoftheseR1,R2,...Whatisaneconomy?GeneralequilibriumRobinsonCrusoe’sproblemDecentrali-sationandTradeAmany-personEconomyWhyprice-taking?ExcessdemandIncomesEquilibriumIncomesAllocationsEquilibriumAmany-personeconomyofconsumptionbasketsforeachhouseho
5、ld...Thinkofthisastwocollections...andofnetoutputsforeachfirm.…likethis.[x1,x2,x3,...][y1,y2,y3,...]Thestateofaneconomyisdescribedbyanallocation...Formally,anallocationis...Acollectionofbundles(oneforeachhousehold)Acollectionofnet-outputvectors(oneforeachfirm)
6、Asetofprices(usedby householdsandfirms)p[xh][yf]profit-maximisingutility-maximising..andacompetitiveallocationis...pyf(p)(profitmaximisation){yf(p):f=1,2,...,nf}Eachfirm'sbehaviouralresponsemapspricesintonetoutputsp,Mhxh(p)(utilitymaximisation){xh(p):h=1,2,...
7、,nh}Eachhousehold'sbehaviouralresponsemapspricesandincomesintodemandsTheallocationajustaminute!wheredotheseincomescomefrom???Howdoesacompetitiveallocationwork?GeneralequilibriumRobinsonCrusoe’sproblemDecentrali-sationandTradeAmany-personEconomyWhyprice-taking?
8、ExcessdemandIncomesEquilibriumAllocationsAllocationsEquilibriumAmany-personeconomyownershiprightsofeverythingontheislandWheredidR.Crusoe's"income"comefrom...?ResourcesR1h,R2h,...V1
