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MicroeconomicsGeneralEquilibrium:pricetaking
ExcessDemandDecentralis-ationandTradeAmany-personeconomyRobinsonCrusoesProblemExcessDemandDecentralis-ationandTradeRobinsonCrusoesProblemGeneralEquilibriumWhyprice-taking?Amany-personeconomyOverview...
Sofarwevefocusedoncompetitiveequilibriumanalysis.Butwhy?
Whyconcentrateonequilibrium?
Whyassumecompetitivebehaviour?
Letsstartbyhavinganotherlookattheexchangeeconomy.
WellredrawtheEdgeworthboxSomepuzzlesincompetitiveequilibriumanalysis
GeneralequilibriumRobinsonCrusoe’sproblemDecentrali-sationandTradeAmany-personEconomyWhyprice-taking?ExcessdemandThesolutionconceptPricesandtheCoreThesolutionconceptAnexchangeeconomyPricesandtheCoreWhyprice-taking?
DEOax2ax1aDEx1ax2ax1bObOaDEx2bx1bObWhatwouldIdooutofequilibrium?Andwhatwouldhedo?Letslookattheinnerworkings...BuildinganEdgeworthbox
x1aR1aR2ax2aOaThesituationfromAlfspointofview
HowAlfrespondsasp1/p2changes...x1aR1aR2ax2aOaAlfsoffercurve
WhataboutBill?x1bR1bR2bx2bObThesituationfromhispointofview
...asanAustralianx1bR1bR2bx2bOb
HowBillrespondsasp1/p2changes...x1bR1bR2bx2bObBillsoffercurve
Thetwooffercurves1x2bObx1ax2aOax1bR1bR1aR2aR2bOffersareonlyconsistentwherecurvesintersectBut,byconstruction...ThisisthecompetitiveequilibriumSatisfiesmaterialsbalanceEDequilibriumhereendowmentherePrice-takingutility-maximisingBillendowmenthereequilibriumherePrice-takingutility-maximisingAlf
Butwhycompetitivebehaviour?WhyshouldAlfandBillbehavethatway?Wheredothepricescomefrom?Givencompetitivebehaviour,theCEistheonlyconsistentallocation
subjecttohhSpixi￡Mi=1U(x)maxnhhSpixi￡MSowheredothepricescomefrom?
Weneedamoregeneralsolutionconcept
Thenexaminehowprice-takingequilibriumrelatestothis.
Letsdeveloptheapproachfortheexchangeeconomy,though
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