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1、北大ceer笔记4StructureRationalconstrainedchoiceComputingordinarydemandsInteriorsolution（内在解）Cornersolution（角点解）“Kinky”solutionExample:ChoosingtaxesEconomicRationalityTheprincipalbehavioralpostulateisthatadecisionmakerchoosesitsmostpreferredalternativefromthoseavailabletoit.
2、Theavailablechoicesconstitutethechoiceset.Howisthemostpreferredbundleinthechoicesetlocated?RationalConstrainedChoicex1x2x1*x2*(x1*,x2*)isthemost preferredaffordable bundle.RationalConstrainedChoiceThemostpreferredaffordablebundleiscalledtheconsumer’sORDINARYDEMAND（一般需求）
3、atthegivenpricesandbudget.Ordinarydemandswillbedenotedby x1*(p1,p2,m)andx2*(p1,p2,m).RationalConstrainedChoiceWhenx1*>0andx2*>0thedemandedbundleisINTERIOR.Ifbuying(x1*,x2*)costs$mthenthebudgetisexhausted.RationalConstrainedChoicex1x2x1*x2*(x1*,x2*)isinterior.(x1*,x2*)ex
4、hauststhe budget.RationalConstrainedChoicex1x2x1*x2*(x1*,x2*)isinterior. (a)(x1*,x2*)exhauststhe budget;p1x1*+p2x2*=m.RationalConstrainedChoicex1x2x1*x2*(x1*,x2*)isinterior. (b)Theslopeoftheindiff. curveat(x1*,x2*)equals theslopeofthebudget constraint.RationalConstraine
5、dChoice(x1*,x2*)satisfiestwoconditions:(a)thebudgetisexhausted; p1x1*+p2x2*=m(b)tangency:theslopeofthebudgetconstraint,-p1/p2,andtheslopeoftheindifferencecurvecontaining(x1*,x2*)areequalat(x1*,x2*).MeaningoftheTangencyConditionConsumer’smarginalwillingnesstopayequalsthe
6、marketexchangerate.Supposeataconsumptionbundle(x1,x2),MRS=-2,-P1/P2=-1Theconsumeriswillingtogiveup2unitofx2toexchangeforanadditionalunitofx1Themarketallowshertogiveuponly1unitofx2toobtainanadditionalx1(x1,x2)isnotoptimalchoiceShecanbebetteroffincreasingherconsumptionofx
7、1.x1x1x2ComputingOrdinaryDemandsSolvefor2simultaneousequations.TangencyBudgetconstraintTheconditionsmaybeobtainedbyusingtheLagrangianmultipliermethod,i.e.,constrainedoptimizationincalculus.ComputingOrdinaryDemandsHowcanthisinformationbeusedtolocate(x1*,x2*)forgivenp1,p2
8、andm?ComputingOrdinaryDemands-aCobb-DouglasExample.SupposethattheconsumerhasCobb-Douglaspreferences.ComputingO
