范里安经济学(ppt1).ppt

Pareto Efficiency举例 Jill has an apartment; Jack does not. Jill values the apartment at $200; Jack would pay $400 for it. Jill could sublet the apartment to Jack for $300. Both gain, so it was Pareto inefficient for Jill to have the apartment. Criterion for Pareto Efficiency A Pareto inefficient outcome means there remain unrealized mutual （共有的）gains-to-trade.帕累托无效率意味着还有没有实现的共有的交易所得（福利） Any market outcome that achieves all possible gains-to-trade must be Pareto efficient.任何市场实现的交易所得应该是所有的可能的交易所得 Pareto Efficiency Competitive equilibrium:完全竞争 all close apartment renters value them at the market price pe or more all others value close apartments at less than pe so no mutually beneficial trades remain so the outcome is Pareto efficient. Pareto Efficiency Discriminatory Monopoly: assignment of apartments is the same as with the perfectly competitive market so the discriminatory monopoly outcome is also Pareto efficient. Pareto Efficiency Monopoly: not all apartments are occupied so a distant apartment renter could be assigned a close apartment and have higher welfare without lowering anybody else’s welfare. so the monopoly outcome is Pareto inefficient. Pareto Efficiency Rent Control: some close apartments are assigned to renters valuing them at below the competitive price pe some renters valuing a close apartment above pe don’t get close apartments Pareto inefficient outcome. Harder Questions Over time, will the supply of close apartments increase? rent control decrease the supply of apartments? a monopolist supply more apartments than a competitive rental market? Testing Hypotheses What cause rents to change? price of distant apartments incomes of potential renters quantity of close apartments. Need econometrics（计量经济学） Comparative Statics Suppose the price of distant apartment rises.（考虑远处住房价格上升） Demand for close apartments increases (rightward shift), causing（近处房子需求者上升，从而近处的房子租金上升） a higher price for close apartments. Market Equilibrium p QD,QS pe 100 Market Equilibr