微观经济之交换

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ChapterThirtyExchange交换ContentsTheEdgeworth(艾奇沃斯)BoxParetoimprovingtradeParetoEfficientAllocationTheCore(核心)TradeinacompetitivemarketWalras’Lawofgeneralequilibrium(一般均衡)FirstFundamentalTheoremofWelfareEconomics(福利经济学第一定理)SecondFundamentalTheoremofWelfareEconomics(福利经济学第二定理)ExchangeTwoconsumers,AandB.Theirendowmentsofgoods1and2areE.g.ThetotalquantitiesavailableAAA(,)12BBB(,).12andA(,)64B(,).22and11628AB22426ABunitsofgood1unitsofgood2.andareExchangeEdgeworthandBowleydevisedadiagram,calledanEdgeworthbox,toshowallpossibleallocationsoftheavailablequantitiesofgoods1and2betweenthetwoconsumers.StartinganEdgeworthBoxStartinganEdgeworthBoxWidth=11628ABStartinganEdgeworthBoxWidth=11628ABHeight=22426ABStartinganEdgeworthBoxWidth=11628ABHeight=22426ABThedimensionsoftheboxarethequantitiesavailableofthegoods.FeasibleAllocationsWhatallocationsofthe8unitsofgood1andthe6unitsofgood2arefeasible?HowcanallofthefeasibleallocationsbedepictedbytheEdgeworthboxdiagram?Onefeasibleallocationisthebefore-tradeallocation;i.e.theendowmentallocation.Width=11628ABHeight=22426ABTheendowmentallocationisA(,)64B(,).22andTheEndowmentAllocationWidth=11628ABHeight=22426ABA(,)64B(,)22TheEndowmentAllocationA(,)64OAOB68B(,)22TheEndowmentAllocationA(,)64OAOB6846TheEndowmentAllocationB(,)22OAOB684622TheEndowmentAllocationA(,)64B(,)22OAOB684622TheendowmentallocationTheEndowmentAllocationMoregenerally,…TheEndowmentAllocationTheEndowmentAllocationOAOBTheendowmentallocation11AB2A22AB1A1B2BOtherFeasibleAllocationsdenotesanallocationtoconsumerA.denotesanallocationtoconsumerB.Anallocationisfeasibleifandonlyif(,)xxAA12(,)xxBB12xxABAB1111xxABAB2222.andFeasibleReallocationsOAOB11ABxA222ABxA1xB1xB2FeasibleReallocationsOAOB11ABxA222ABxA1xB1xB2FeasibleReallocationsAllpointsinthebox,includingtheboundary,representfeasibleallocationsofthecombinedendowments.Whichallocationswillbeblockedbyoneorbothconsumers?Whichallocationsmakebothconsumersbetteroff?AddingPreferencestotheBox2A1AxA2xA1OAForconsumerA.AddingPreferencestotheBox2A1AxA2xA1ForconsumerA.OAAddingPreferencestotheBox2B1BxB2xB1ForconsumerB.OBAddingPreferencestotheBoxxB2xB1ForconsumerB.OB2B1BAddingPreferencestotheBox2B1BxB1xB2ForconsumerB.OBAddingPreferencestotheBox2A1AxA2xA1OAForconsumerA.AddingPreferencestotheBox2A1AxA2xA1OA2B1BxB1xB2OBEdgeworth’sBox2A1AxA2xA1OA2B1BxB1xB2OBPareto-ImprovementAnallocationoftheendowmentthatimprovesthewelfareofaconsumerwithoutreducingthewelfareofanotherisaPareto-improvingallocation.WherearethePareto-improvingallocations?Edgeworth’sBox2A1AxA2xA1OA2B1BxB1xB2OBPareto-Improvements2A1AxA2xA1OA2B1BxB1xB2OBThesetofPareto-improvingallocationsPareto-ImprovementsSinceeachconsumercanrefusetotrade,theonlypossibleoutcomesfromexchangearePareto-improvingallocations.ButwhichparticularPareto-improvingallocationwillbetheoutcomeoftrade?Pareto-Improvements2A1AxA2xA1OA2B1BxB1xB2OBThesetofPareto-improvingreallocationsPareto-ImprovementsPareto-ImprovementsPareto-ImprovementsTradeimprovesbothA’sandB’swelfares.ThisisaPareto-improvementovertheendowmentallocation.Pareto-ImprovementsNewmutualgains-to-traderegionisthesetofallfurtherPareto-improvingreallocations.TradeimprovesbothA’sandB’swelfares.ThisisaPareto-improvement(帕累托改进)overtheendowmentallocation.Pareto-ImprovementsFurthertradecannotimprovebothAandB’swelfares.Pareto-Optimality(帕累托最优)BetterforconsumerBBetterforconsumerAPareto-OptimalityAisstrictlybetteroffbutBisstrictlyworseoffBisstrictlybetteroffbutAisstrictlyworseoffPareto-OptimalityAisstrictlybetteroffbutBisstrictlyworseoffBisstrictlybetteroffbutAisstrictlyworseoffBothAandBareworseoffBothAandBareworseoffPareto-OptimalityTheallocationisPareto-optimalsincetheonlywayoneconsumer’swelfarecanbeincreasedistodecreasethewelfareoftheotherconsumer.Pareto-OptimalityTheallocationisPareto-optimalsincetheonlywayoneconsumer’swelfarecanbeincreasedistodecreasethewelfareoftheotherconsumer.TheMarginalRatesofSubstitutionAreEqual.Pareto-OptimalityWhereareallofthePareto-optimalallocationsoftheendowment?Pareto-Optimality2A1AxA2xA1OA2B1BxB1xB2OBPareto-Optimality2A1AxA2xA1OA2B1BxB1xB2OBAlltheallocationsmarkedbyaarePareto-optimal.Pareto-OptimalityThecontractcurve(契约线)isthesetofallPareto-optimalallocations.Pareto-Optimality2A1AxA2xA1OA2B1BxB1xB2OBAlltheallocationsmarkedbyaarePareto-optimal.ThecontractcurvePareto-OptimalityButtowhichofthemanyallocationsonthecontractcurvewillconsumerstrade?Thatdependsuponhowtradeisconducted.Inperfectlycompetitivemarkets?Byone-on-onebargaining?TheCore(核心)2A1AxA2xA1OA2B1BxB1xB2OBThesetofPareto-improvingreallocationsTheCore2A1AxA2xA1OA2B1BxB1xB2OBTheCore2A1AxA2xA1OA2B1BxB1xB2OBPareto-optimaltradesblockedbyBPareto-optimaltradesblockedbyATheCore2A1AxA2xA1OA2B1BxB1xB2OBPareto-optimaltradesnotblockedbyAorBarethecore.TheCoreThecoreisthesetofallPareto-optimalallocationsthatarewelfare-improvin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