北大微觀經(jīng)濟學(xué)(英文版)-課件

ChapterTwenty-NineExchange1ppt課件ChapterTwenty-NineExchange1ppExchangeTwoconsumers,AandB.Theirendowmentsofgoods1and2are

E.g.Thetotalquantitiesavailableandandunitsofgood1unitsofgood2.andare2ppt課件ExchangeTwoconsumers,AandBExchangeEdgeworthandBowleydevisedadiagram,calledanEdgeworthbox,toshowallpossibleallocationsoftheavailablequantitiesofgoods1and2betweenthetwoconsumers.3ppt課件ExchangeEdgeworthandBowleydStartinganEdgeworthBox4ppt課件StartinganEdgeworthBox4ppt課StartinganEdgeworthBoxWidth=5ppt課件StartinganEdgeworthBoxWidthStartinganEdgeworthBoxWidth=Height=6ppt課件StartinganEdgeworthBoxWidthStartinganEdgeworthBoxWidth=Height=Thedimensionsof

theboxarethe

quantitiesavailable

ofthegoods.7ppt課件StartinganEdgeworthBoxWidthFeasibleAllocationsWhatallocationsofthe8unitsofgood1andthe6unitsofgood2arefeasible?HowcanallofthefeasibleallocationsbedepictedbytheEdgeworthboxdiagram?8ppt課件FeasibleAllocationsWhatallocFeasibleAllocationsWhatallocationsofthe8unitsofgood1andthe6unitsofgood2arefeasible?HowcanallofthefeasibleallocationsbedepictedbytheEdgeworthboxdiagram?Onefeasibleallocationisthebefore-tradeallocation;i.e.theendowmentallocation.9ppt課件FeasibleAllocationsWhatallocWidth=Height=Theendowment

allocationisandTheEndowmentAllocation10ppt課件Width=Height=Theendowment

Width=Height=TheEndowmentAllocation11ppt課件Width=Height=TheEndowmentOAOB68TheEndowmentAllocation12ppt課件OAOB68TheEndowmentAllocationOAOB6846TheEndowmentAllocation13ppt課件OAOB6846TheEndowmentAllocatiOAOB684622TheEndowmentAllocation14ppt課件OAOB684622TheEndowmentAllocaOAOB684622The

endowment

allocationTheEndowmentAllocation15ppt課件OAOB684622The

endowment

allocaMoregenerally,…TheEndowmentAllocation16ppt課件Moregenerally,…TheEndowmentTheEndowmentAllocationOAOBThe

endowment

allocation17ppt課件TheEndowmentAllocationOAOBThOtherFeasibleAllocations

denotesanallocationtoconsumerA.denotesanallocationtoconsumerB.Anallocationisfeasibleifandonlyifand18ppt課件OtherFeasibleAllocationsFeasibleReallocationsOAOB19ppt課件FeasibleReallocationsOAOB19ppFeasibleReallocationsOAOB20ppt課件FeasibleReallocationsOAOB20ppFeasibleReallocationsAllpointsinthebox,includingtheboundary,representfeasibleallocationsofthecombinedendowments.21ppt課件FeasibleReallocationsAllpoinFeasibleReallocationsAllpointsinthebox,includingtheboundary,representfeasibleallocationsofthecombinedendowments.Whichallocationswillbeblockedbyoneorbothconsumers?Whichallocationsmakebothconsumersbetteroff?22ppt課件FeasibleReallocationsAllpoinAddingPreferencestotheBoxOAForconsumerA.23ppt課件AddingPreferencestotheBoxOAddingPreferencestotheBoxMorepreferredForconsumerA.OA24ppt課件AddingPreferencestotheBoxMAddingPreferencestotheBoxForconsumerB.OB25ppt課件AddingPreferencestotheBoxFAddingPreferencestotheBoxMorepreferredForconsumerB.OB26ppt課件AddingPreferencestotheBoxMAddingPreferencestotheBoxMorepreferredForconsumerB.OB27ppt課件AddingPreferencestotheBoxMAddingPreferencestotheBoxOAForconsumerA.28ppt課件AddingPreferencestotheBoxOAddingPreferencestotheBoxOAOB29ppt課件AddingPreferencestotheBoxOEdgeworth’sBoxOAOB30ppt課件Edgeworth’sBoxOAOB30ppt課件Pareto-ImprovementAnallocationoftheendowmentthatimprovesthewelfareofaconsumerwithoutreducingthewelfareofanotherisaPareto-improvingallocation.WherearethePareto-improvingallocations?31ppt課件Pareto-ImprovementAnallocatioEdgeworth’sBoxOAOB32ppt課件Edgeworth’sBoxOAOB32ppt課件Pareto-ImprovementsOAOBThesetofPareto-

improvingallocations33ppt課件Pareto-ImprovementsOAOBThesetPareto-ImprovementsSinceeachconsumercanrefusetotrade,theonlypossibleoutcomesfromexchangearePareto-improvingallocations.ButwhichparticularPareto-improvingallocationwillbetheoutcomeoftrade?34ppt課件Pareto-ImprovementsSinceeachPareto-ImprovementsOAOBThesetofPareto-

improvingreallocations35ppt課件Pareto-ImprovementsOAOBThesetPareto-Improvements36ppt課件Pareto-Improvements36ppt課件Pareto-Improvements37ppt課件Pareto-Improvements37ppt課件Pareto-ImprovementsTrade

improvesboth

A’sandB’swelfares.

ThisisaPareto-improvement

overtheendowmentallocation.38ppt課件Pareto-ImprovementsTrade

improPareto-ImprovementsNewmutualgains-to-traderegion

isthesetofallfurtherPareto-

improving

reallocations.

Trade

improvesboth

A’sandB’swelfares.

ThisisaPareto-improvement

overtheendowmentallocation.39ppt課件Pareto-ImprovementsNewmutualPareto-ImprovementsFurthertradecannotimprove

bothAandB’s

welfares.40ppt課件Pareto-ImprovementsFurthertraPareto-OptimalityBetterfor

consumerBBetterfor

consumerA41ppt課件Pareto-OptimalityBetterfor

coPareto-OptimalityAisstrictlybetteroff

butBisstrictlyworse

off42ppt課件Pareto-OptimalityAisstrictlyPareto-OptimalityAisstrictlybetteroff

butBisstrictlyworse

offBisstrictlybetter

offbutAisstrictly

worseoff43ppt課件Pareto-OptimalityAisstrictlyPareto-OptimalityAisstrictlybetteroff

butBisstrictlyworse

offBisstrictlybetter

offbutAisstrictly

worseoffBothAand

Bareworse

off44ppt課件Pareto-OptimalityAisstrictlyPareto-OptimalityAisstrictlybetteroff

butBisstrictlyworse

offBisstrictlybetter

offbutAisstrictly

worseoffBothA

andBare

worse

offBothAand

Bareworse

off45ppt課件Pareto-OptimalityAisstrictlyPareto-OptimalityTheallocationis

Pareto-optimalsincethe

onlywayoneconsumer’swelfarecanbeincreasedisto

decreasethewelfareoftheother

consumer.46ppt課件Pareto-OptimalityTheallocatioPareto-OptimalityTheallocationis

Pareto-optimalsincethe

onlywayoneconsumer’swelfarecanbeincreasedisto

decreasethewelfareoftheother

consumer.Anallocationwhereconvex

indifferencecurvesare“only

justback-to-back”is

Pareto-optimal.47ppt課件Pareto-OptimalityTheallocatioPareto-OptimalityWhereareallofthePareto-optimalallocationsoftheendowment?48ppt課件Pareto-OptimalityWhereareallPareto-OptimalityOAOB49ppt課件Pareto-OptimalityOAOB49ppt課件Pareto-OptimalityOAOBAlltheallocationsmarkedby

aarePareto-optimal.50ppt課件Pareto-OptimalityOAOBAlltheaPareto-OptimalityThecontractcurveisthesetofallPareto-optimalallocations.51ppt課件Pareto-OptimalityThecontractPareto-OptimalityOAOBAlltheallocationsmarkedby

aarePareto-optimal.Thecontractcurve52ppt課件Pareto-OptimalityOAOBAlltheaPareto-OptimalityButtowhichofthemanyallocationsonthecontractcurvewillconsumerstrade?Thatdependsuponhowtradeisconducted.Inperfectlycompetitivemarkets?Byone-on-onebargaining?53ppt課件Pareto-OptimalityButtowhichTheCoreOAOBThesetofPareto-

improvingreallocations54ppt課件TheCoreOAOBThesetofPareto-TheCoreOAOB55ppt課件TheCoreOAOB55ppt課件TheCoreOAOBPareto-optimaltradesblocked

byBPareto-optimaltradesblocked

byA56ppt課件TheCoreOAOBPareto-optimaltraTheCoreOAOBPareto-optimaltradesnotblocked

byAorB57ppt課件TheCoreOAOBPareto-optimaltraTheCoreOAOBPareto-optimaltradesnotblocked

byAorBarethecore.58ppt課件TheCoreOAOBPareto-optimaltraTheCoreThecoreisthesetofallPareto-optimalallocationsthatarewelfare-improvingforbothconsumersrelativetotheirownendowments.Rationaltradeshouldachieveacoreallocation.59ppt課件TheCoreThecoreisthesetofTheCoreButwhichcoreallocation?Again,thatdependsuponthemannerinwhichtradeisconducted.60ppt課件TheCoreButwhichcoreallocatTradeinCompetitiveMarketsConsidertradeinperfectlycompetitivemarkets.Eachconsumerisaprice-takertryingtomaximizeherownutilitygivenp1,p2andherownendowment.Thatis,...61ppt課件TradeinCompetitiveMarketsCoTradeinCompetitiveMarketsOAForconsumerA.62ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsSogivenp1andp2,consumerA’snetdemandsforcommodities1and2areand63ppt課件TradeinCompetitiveMarketsSoTradeinCompetitiveMarketsAnd,similarly,forconsumerB…64ppt課件TradeinCompetitiveMarketsAnTradeinCompetitiveMarketsForconsumerB.OB65ppt課件TradeinCompetitiveMarketsFoTradeinCompetitiveMarketsSogivenp1andp2,consumerB’snetdemandsforcommodities1and2areand66ppt課件TradeinCompetitiveMarketsSoTradeinCompetitiveMarketsAgeneralequilibriumoccurswhenpricesp1andp2causeboththemarketsforcommodities1and2toclear;i.e.and67ppt課件TradeinCompetitiveMarketsATradeinCompetitiveMarketsOAOB68ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBCanthisPOallocationbeachieved?69ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerA70ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerA71ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerB72ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerB73ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBut74ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBand75ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsSoatthegivenpricesp1andp2thereisanexcesssupplyofcommodity1excessdemandforcommodity2.Neithermarketclearssothepricesp1andp2donotcauseageneralequilibrium.76ppt課件TradeinCompetitiveMarketsSoTradeinCompetitiveMarketsOAOBSothisPOallocationcannotbeachievedbycompetitivetrading.77ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBWhichPOallocationscanbe

achievedbycompetitivetrading?78ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsSincethereisanexcessdemandforcommodity2,p2willrise.Sincethereisanexcesssupplyofcommodity1,p1willfall.Theslopeofthebudgetconstraintsis-p1/p2sothebudgetconstraintswillpivotabouttheendowmentpointandbecomelesssteep.79ppt課件TradeinCompetitiveMarketsSiTradeinCompetitiveMarketsOAOBWhichPOallocationscanbe

achievedbycompetitivetrading?80ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBWhichPOallocationscanbe

achievedbycompetitivetrading?81ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBWhichPOallocationscanbe

achievedbycompetitivetrading?82ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerA83ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerA84ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerB85ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBBudgetconstraintforconsumerB86ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBSo87ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsOAOBand88ppt課件TradeinCompetitiveMarketsOATradeinCompetitiveMarketsAtthenewpricesp1andp2bothmarketsclear;thereisageneralequilibrium.TradingincompetitivemarketsachievesaparticularPareto-optimalallocationoftheendowments.ThisisanexampleoftheFirstFundamentalTheoremofWelfareEconomics.89ppt課件TradeinCompetitiveMarketsAtFirstFundamentalTheoremofWelfareEconomicsGiventhatconsumers’preferencesarewell-behaved,tradinginperfectlycompetitivemarketsimplementsaPareto-optimalallocationoftheeconomy’sendowment.90ppt課件FirstFundamentalTheoremofWSecondFundamentalTheoremofWelfareEconomicsTheFirstTheoremisfollowedbyasecondthatstatesthatanyPareto-optimalallocation(i.e.anypointonthecontractcurve)canbeachievedbytradingincompetitivemarketsprovidedthatendowmentsarefirstappropriatelyrearrangedamongsttheconsumers.91ppt課件SecondFundamentalTheoremofGiventhatconsumers’preferencesarewell-behaved,foranyPareto-optimalallocationtherearepricesandanallocationofthetotalendowmentthatmakesthePareto-optimalallocationimplementablebytradingincompetitivemarkets.SecondFundamentalTheoremofWelfareEconomics92ppt課件Giventhatconsumers’preferenSecondFundamentalTheoremOAOBThecontractcurve93ppt課件SecondFundamentalTheoremOAOBSecondFundamentalTheoremOAOB94ppt課件SecondFundamentalTheoremOAOBSecondFundamentalTheoremOAOBImplementedbycompetitivetradingfromtheendowmentw.95ppt課件SecondFundamentalTheoremOAOBSecondFundamentalTheoremOAOBCanthisallocationbeimplemented

bycompetitivetradingfromw?96ppt課件SecondFundamentalTheoremOAOBSecondFundamentalTheoremOAOBCanthisallocationbeimplemented

bycompetitivetradingfromw?No.97ppt課件SecondFundamentalTheoremOAOBSecondFundamentalTheoremOAOBButthisallocationisimplemented

bycompetitivetradingfromq.98ppt課件SecondFundam