Microeconomics principles and analysis phần 5 ppsx

... are Samuelson (1 954 , 1 955 ). 29 Pro ve this using the results from Chapter 8. 9.3. PRINCIPLES FOR SOCIAL JUDGMENTS: EFFICIENCY 255 project – either one has an airport of given size and quality or ... welfare function is attributable to Vickrey (19 45) and Harsanyi (1 955 ). On the social-welfare interpretation of inequality and income distribution and its relationship to risk av...

Ngày tải lên: 09/08/2014, 19:21

... )   : and (q () ; y ()) is the output-income pair for a person of type . The incentive- compatibility constraint (12 .51 ) can b e written as 42 d ( ) d  0 (12 .55 ) The constraint (12 .55 ) has ... function and the participation constraint can be “translated” imme- diately into the notation of this continuous distribution model:  Z   ( ()) f () d (12 .53 ) and  ( ) ...

Ngày tải lên: 09/08/2014, 19:21

... r ji = log (z i =z j ) = log (z j =z i ) = r ij and m ji = m ij . So 52 1 B .5. THE CONSUMER AND THE MARKET 53 5 Figure B.9: Gi¤en good for any t > 0 and, because C is homogeneous of degree 1 in ... identical to Q 0 . Figure B.13: Combination of technology sets 3. See Figures B.14 and B. 15 B.8. UNCERTAINTY AND RISK 55 5 Figure B.26: Portfolio choice: plunging in the risky...

Ngày tải lên: 09/08/2014, 19:21

... 111 5. 7 Aggregation of consumer demand . . . . . . . . . . . . . . . . . . 114 5. 8 Aggregable demand functions . . . . . . . . . . . . . . . . . . . . 1 15 5.9 Odd things happen when Alf and Bill’s ... 94 5 The Consumer and the Market 99 5. 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 5. 2 The market and incomes . . . . . . . . . . . . . . . . ....

Ngày tải lên: 09/08/2014, 19:21

... of demand functions suggests, we cannot just write out some likely-looking equation involving prices and in- come on the right-hand side and commodity quantities on the left-hand side and expect ... either sign if n > 2 and j and i in (4.21) represent di¤erent goods (jelly and ice-cream let us say). We say that commodities i and j are net substitutes if H i j > 0 and net...

Ngày tải lên: 09/08/2014, 19:21

... (5. 25) behave like a “proper” demand function? The problem is that a demand function typically is de…ned on prices and some simple measure of income –but clearly the right-hand side of (5. 25) ... the list of the two inputs and the output they produce; q 0 = (50 0; 0; 10; 5; 0) (6.6) 118 CHAPTER 5. THE CONSUMER AND THE MARKET 5. 2 Take the model of Exercise 5. 1. Suppose that it is...

Ngày tải lên: 09/08/2014, 19:21

... experienc e disappointment or regret –see Exercises 8 .5 and 8.6. 4 4 Compare Exercises 8 .5 and 8.6. What i s the essentia l di¤erence between regret and disappointment? 8.10. EXERCISES 223 2. What ... individual is risk-loving for small risks and risk-averse for large risks. 8 .5. LOTTERIES AND PREFERENCES 199 Figure 8.18: The probability diagram: # = 3 7.8 and B.21) The $ =...

Ngày tải lên: 09/08/2014, 19:21

... industry have constant and equal marginal costs c and face market demand schedule given by p = k q where k > c and q is total output 1. What would be the solution to the Bertrand price setting ... changing notation and modify- ing the budget con straint. In answering it check the answer to footnote question 3 in Chapter 5 (page 53 7) . Su ppose leisure is commodity 1 and all...

Ngày tải lên: 09/08/2014, 19:21

... Econometrica 21, 50 3 54 6. Andreoni, J. (1988). Privately provided public goods: The limits to altruism. Journal of Public Economics 35, 57 –73. Arrow, K. J. (1 951 ). Social Choice and Individual ... of Game Theory 4, 25 55 . Selten, R. (1978). The chain-store paradox. Theory and Decision 9, 127– 159 . Sen, A. K. (1970). Collective Choice and Social Welfare. Edinburgh: Oliver and...

Ngày tải lên: 09/08/2014, 19:21

... 3 4 5 6 7 8 Channel 2 1 2 3 4 5 6 7 8 One of the channels is used for signalling …. (a) In-band signalling. (b) Out-of-band si g nallin g . 88 8 123 456 78 Figure 4 .5 Digital network in-band signalling ... side tone rating 150 Satellite Networking: Principles and Protocols (LSTR), the design of the handset (D-factor), and the frequency response in send and receive directions...

Ngày tải lên: 09/08/2014, 19:22