消费者理论讨论审查偏好预算约束选择chapter 5 consumer theory extension章5 Consumer扩展.pdfVIP

Review

•Consumertheory

–Preference

–Budetconstraint

–Cc

onsumerhoice

•I.MathematicalTreatment

–DltyumuiMinimumbudget

uai:tilty

expenditure

–Slutskyequation

2

•Fetc

.urthropis

–Modelswithintertemporalchoice*(Chapter5)

–Networkexternalities

•.Empiricalestimationofdemand

•IV.Revealedpreference

–Howwecanuseinformationabouttheconsumer’s

preferenceandbudgetconstrainttodeterminehis

demand

–Reversethisprocess,ifwecanobserveconsumer’s

deanwederivehispreference

mand,c

3

I.DualityinConsumertheory

•Therearetwodifferentwaysoflooking

consumer’soptimaldecision.

–Choosingthehighestindifferencecurvetouches

thebudgetline

–Choosingthelowestbudgetlinetouchesagiven

indifferencecurve

•Thedualexpenditureminimizationproblem

yieldsthesamepointastheutility

izationproblem

–Mathematicallyproveit

4

.Slutkyequaton

si

ReviewofWhathappenswhena

commodity’spricedecreases?

Substitutioneffect:thecommodityis

relativelycheaper,soconsumersusemoreof

i

nsteadofothercommodities,whichare

t,i

nowrelativelymoreexpensive.

Incomeeffect:theconsumer’sbudgetof$m

canpurchasemorethanbefore,asifthe

consumer’sincomerose,withconsequent