中微课件范里安版MicroCh3章节幻灯片.pptVIP

Well-Behaved Preferences Convexity (凸性): Mixtures of bundles are (at least weakly) preferred to the bundles themselves. E.g., the 50-50 mixture of the bundles x and y is z = (0.5)x + (0.5)y.z is at least as preferred as x or y. Well-Behaved Preferences -- Convexity. x2 y2 x1 y1 x y z =(tx1+(1-t)y1, tx2+(1-t)y2) is preferred to x and y for all 0 t 1. Well-Behaved Preferences -- Convexity. x2 y2 x1 y1 x y Preferences are strictly convex when all mixtures z  are strictly preferred to their component  bundles x and y. z Well-Behaved Preferences -- Weak Convexity. x’ y’ z’ Preferences are weakly convex if at least one mixture z is equally preferred to a component bundle. x z y Non-Convex Preferences x2 y2 x1 y1 z Better The mixture zis less preferred than x or y. More Non-Convex Preferences x2 y2 x1 y1 z Better The mixture zis less preferred than x or y. Marginal Rate-of-Substitution(边际替代率) The slope of an indifference curve is its marginal rate-of-substitution (MRS) (边际替代率) How can a MRS be calculated? Marginal Rate of Substitution x2 x1 x’ MRS at x’ is the slope of theindifference curve at x’ Marginal Rate of Substitution x2 x1 MRS at x’ is lim {Dx2/Dx1} Dx1 0= dx2/dx1 at x’ Dx2 Dx1 x’ Marginal Rate of Substitution x2 x1 dx2 dx1 dx2 = MRS ′ dx1 so, at x’, MRS is the rate at which the consumer is only just willing to exchange commodity 2 for a small amount of commodity 1. x’ MRS Ind. Curve Properties Better Worse Good 2 Good 1 Two goodsa negatively sloped indifference curve MRS 0. MRS Ind. Curve Properties Better Worse Good 2 Bad 1 One good and onebad a positively sloped indifference curve MRS 0. MRS Ind. Curve Properties Good 2 Good 1 MRS = - 5 MRS = - 0.5 MRS always increases with x1 (becomes less negative) if and only if preferences are strictly convex. MRS Ind. Curve Properties x1 x2 MRS = - 0.5 MRS =