Tsinghua_2005MBA_Lecture_14(General equilibrium and market efficiency).pptVIP

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Tsinghua_2005MBA_Lecture_14(General equilibrium and market efficiency).ppt

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Tsinghua_2005MBA_Lecture_14(General equilibrium and market efficiency)

Chapter 1 Lecture 14 General Equilibrium and Economic Efficiency Topics to be Discussed General Equilibrium Analysis Efficiency in Exchange Equity and Efficiency Efficiency in Production Topics to be Discussed The Gains from Free Trade On Overview--The Efficiency of Competitive Markets Why Markets Fail General Equilibrium Analysis Partial equilibrium analysis presumes that activity in one market is independent of other markets. General Equilibrium Analysis General equilibrium analysis determines the prices and quantity in all markets simultaneously and takes the feedback effect into account. General Equilibrium Analysis A feedback effect is a price or quantity adjustment in one market caused by price and quantity adjustments in related markets. General Equilibrium Analysis Two Interdependent Markets--Moving to General Equilibrium Scenario The competitive markets of: Videocassette rentals Movie theater tickets Two Interdependent Markets: Movie Tickets and Videocassette Rentals Two Interdependent Markets: Movie Tickets and Videocassette Rentals Two Interdependent Markets: Movie Tickets and Videocassette Rentals Observation Without considering the feedback effect with general equilibrium, the impact of the tax would have been underestimated This is an important consideration for policy makers. Two Interdependent Markets: Movie Tickets and Videocassette Rentals Questions What would be the feedback effect of a tax increase on one of two complementary goods? What are the policy implications of using a partial equilibrium analysis compared to a general equilibrium in this scenario? The Interdependence of International Markets Brazil and the United States export soybeans and are, therefore, interdependent. Brazil limited exports in the late 1960’s and early 1970’s. Eventually the export controls were to be removed, and Brazilian exports were expected to increase. The Interdependence of International Markets Partial Analysis Brazilian domestic soybean price will fall