中微课件范里安版MicroCh9章节幻灯片.pptVIP

Slutsky’s Equation Revisited Overall change in demand caused by achange in price is the sum of: (i) a pure substitution effect (ii) an ordinary income effect (iii) an endowment income effect 一个经典例子白居易《卖炭翁》 …… 可怜身上衣正单， 心忧炭贱愿天寒。 …… Chapter Nine Buying and Selling What Are We Doing in this Chapter? We expand our basic consumer choice framework to include the possibility that consumers can sell something to generate income. Again, in terms of theoretical framework, nothing is new. Endowments 禀赋 The list of resource units with which a consumer starts is his endowment. A consumer’s endowment will be denoted by the vector (omega). Endowments E.g.states that the consumer is endowed with 10 units of good 1 and 2 units of good 2. What is the endowment’s value? For which consumption bundles may it be exchanged? Budget Constraints Revisited So, given p1 and p2, the budget constraint for a consumer with an endowment is The budget set is Budget Constraints Revisited x2 x1 w1 w2 Budget set Budget Constraints Revisited x2 x1 w1 w2 Budget set Budget Constraints Revisited x2 x1 w1 w2 The endowment point is always on the budget constraint. So price changes pivot theconstraint about the endowment point. Budget Constraints Revisited The constraintis That is, the sum of the values of a consumer’s net demands is zero. Net Demands x2 x1 w1 w2 x2* x1* At prices (p1,p2) the consumersells units of good 1 to acquiremore units of good 2. Net Demands x2 x1 x2*=w2 x1*=w1 At prices (p1”,p2”) the consumerconsumes her endowment; netdemands are all zero. Net Demands x2 x1 w1 w2 Price-offer curve contains all theutility-maximizing gross demands for which the endowment can be  exchanged. A Variation of the Theme: Income from Labor A worker is endowed with $m of nonlabor income and R hours of time which can be used for labor or leisure. w = (R,m). Consumption good’s price is pc. w is the wage rate. ?