《微观经济学》清华大学课件_9.pdf

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.  ( , ) (10,2) 1 2 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 p and p , the budget 1 2 constraint for a consumer with an endowment ( , ) is 1 2 p x p x p  p  . 1 1 2 2 1 1 2 2 The budget set is (x ,x ) p x p x p  p  , 1 2 1 1 2 2 1 1 2 2 x1 0, x 2 0. Budget Constraints Revisited x 2 p x p x p  p  1 1 2 2 1 1 2 2  Budget set (x ,x ) p x p x p  p  , 1 2 1 1 2 2 1 1 2 2 x1 0, x 2 0  x1 Budget Constraints Revisited x 2 p x p x p  p  1 1 2 2 1 1 2 2  B