




版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
Consumer
TherearethreestepsinvolvedintheConsumerTodescribehowandwhypeoplepreferonegoodtoanotherBudget Givenpreferencesandlimitedes,whatamountandtypeofgoodswillbeWhatcombinationofgoodswillconsumersbuytoizetheirsatisfaction?
BudgetDescribebudgetDescribechangesinbudget ernmentprogramsandbudgetNon-linearbudgetcommodity1,x2unitsofcommodity2andsoonvector(x1,x2,…,xn).
PhysicalConsumptionset:X={(x1,…,xn)|x10,…,xn0AconsumptionsetisthecollectionofallphysicallypossibleconsumptionbundlestotheconsumerBudgetCommoditypricesarep1,p2,…,Q:Whenisabundle(x1,…,xn)p1x1+…+pnxnwheremistheconsumer’s
BudgetThebundlesthatareonlyjustaffordableformtheconsumer’sbudgetconstraint.Thisistheset{(x1,…,xn)|x10,…,xnp1x1+…+pnxnmBudgetSetandConstraintfor
BudgetSetandConstraintfor m
+
=
m
+
=m m BudgetSetandConstraintfor
BudgetSetandConstraintfor m
+
=
m
+
=Just
NotaffordableJustaffordablem m BudgetSetandConstraintfor
BudgetSetandConstraintfor m
+
=
m
+
=NotaffordableJustaffordable
theofallaffordablem m BudgetSetandConstraintfor
Budget p1x1+p2x2=m
Slopeis-xmx2
=-
+
soslopeis-
m Budget Opp.costofanextraunitofcommodity1isp1/p2foregoneofcommodity
Budget Opp.costofanextraunitofcommodity1isp1/p2foregoneofcommodity Opp.costofanunitofcommodity2
p2/p1unitsforegoneofcommodity1.BudgetSets&Constraints; andPriceChangesdependuponpricesand happensaspricesor echange?
constraintchange em2budgetset Newaffordableconsumption
dothebudgetsetandbudgetconstraintchangeas emdecreases?budgetset
Originalnewbudgetconstraintsareparallel(same
budgetset dothebudgetsetandbudgetconstraintchangeas emdecreases?
BudgetConstraints- budgetset
thatarenolongerOldandnewareparallel.
Increasesin emshifttheconstraintoutwardinaparallelmanner,therebyenlargingthebudgetsetandimprovingDecreasesin emshifttheconstraintinwardinaparallelmanner,therebyshrinkingthebudgetsetandreducingBudgetConstraints-
Budget
PriceNooriginalchoiceislostandnewchoicesareaddedwhen worseoff. edecreasemay(typicallywill)
WhathappensifjustonepriceSupposep1Howdothebudgetsetandbudgetconstraintchangeasp1decreasesfromp1’top1”?
Howdothebudgetsetandbudgetconstraintchangeasp1decreasesfromp1’top1”? Newaffordable budgetset
budgetset
Budget
Price
choiceislostandnewchoicesareadded,soreducinone consumerworseoffSimilarly,increasingonepricepivotstheconstraintinwards,reduceschoiceandmay(typicallywill)maketheconsumerworseoff.
atarateof5%increasesallpricesby5%,frompto(1+0.05)p1.05p.AnadvaloremsalestaxleviedatarateofincreasesallpricesbytpfromptoAuniformsalestaxisapplieduniformlytoallAuniformsalestaxleviedatratetchanges
Auniformsalestaxleviedatratetchangesp1x1+p2x2=
p1x1+p2x2=p1x1+p2x2=Sales
Sales p1x1+p2x2= p1x1+p2x2=
e m t m (1t)
(1t)
1
1 (1t) (1t) Sales Auniformad salestaxleviedatrateisequivalentto
Foodstampsarecouponsthatcanbelegallyexchangedonlyforfood. (1t)
taxleviedat
1t
Howdoesacommodity-specificgiftsuchasafoodstam (1t) of“othergoods”ispG=$1“Othergoods”isacompositeItsimplifies ysistoa2-good
F+G=100: ThebudgetconstraintisF+G
GF+G=100:
GF+G=100:
Budgetsetafter40foodstampsissued.
Budgetsetafter40foodstampsissued.Thefamily’sbudgetsetisenlarged. (F-40)+G=100forF40G=100forF<40
(F-40)+G=100forF40G=100forF<40Whatiffoodstampscanbetradedona
F+G=100: Budgetconstraintafter40foodstampsissued.Budgetconstraintwithblackmarkettrading. F+G=100+0.5(40-F)for(F-40)+G=100forF
Budgetconstraintafter40foodstampsissued.Blackmarkettradingmakesthebudgetsetlargeragain. 、 username:
ShapesofBudgetQ:WhatmakesabudgetconstraintaA:Astraightlinehasaconstantslopeandp1x1+…+pnxn=msoifpricesareconstantsthenaconstraintisastraightline.ShapesofBudgetButwhatifpricesarenotE.g.bulkbuyingdiscounts,orpricepenaltiesforbuying“toomuch”.Thenconstraintswillbe
ShapesofBudgetConstraints-tyDiscountsSupposep2isconstantat$1butthatp1=$2for0x120andp1=$1fortyDiscountsSupposep2isconstantat$1butthatp1=$2for0x120andp1=$1forx1>20.Thentheconstraint’sslope2,for0x1
ShapesofBudgetConstraintswithatyDiscount m= Slope=-2/1=-(p1=2,Slope=-1/1=-p1/p21,forx1>
(p1=1,
ShapesofBudgetConstraintswithatyDiscount m= Slope=-2/1=-(p1=2,Slope=-1/1=-1(p1=1,p2=1)
BudgetConstraintswitha Theconstraint2x1+x2=mfor0x120
ShapesofBudgetConstraintswith ShapesofBudgetConstraintswith
ty
m=
ty
Budget
Budget Budget
Indifferencecurves(无差异曲线Marginalrateofsubstitution(边际替代率
RationalityinBehavioralAdecisionmakeralwayschoosesitsmostpreferredalternativefromitssetofSotomodelchoicewemustmodeldecision-makers’preferences. odifferentconsumptionstrictpreference(严格偏好)xismorepreferredthanyIndifference(无差异):x actlyaspreferredasweakpreference弱偏好)xisasatleastaspreferredasisy
AssumptionsaboutPreferencebundlesxandyitisalwayspossibletomakethecomparisonbetweenxandyReflexivity(反身性):AnybundlexisalwaysatleastaspreferredasitselfAssumptionsaboutPreference 传递性):xisatleastaspreferredasy,andyisatleastaspreferredasz,then
Indifference’Takeareferencebundlex.Thesetofallbundlesequallypreferredtox’istheindifferencecurvecontainingx’;thesetofallbundlesyx’.’Indifference Indifference
x’x”
y WP theset bundlespreferredto y
AllbundlesinI1arestrictlypreferredtoallinI2.zAllbundlesinI2 strictlypreferred allinWeaklyPreferredSet(弱偏好集 StrictlyPreferredSet(严格偏好集 WP theset bundles preferredto
IndifferenceCurvesCannot
SlopesofIndifferenceI I1xyz
Whenmoreofacommodityisalwayspreferred,thecommodityisagood.Ifeverycommodityisagoodthenindifferencecurvesareneativelsloed.SlopesofIndifferenceanegativelyslopedindifferencecurve.
SlopesofIndifferenceIflessofacommodityisalwayspreferredGoodSlopesofIndifferenceOnegoodandone positivelysloped
Perfectsubstitutes(完全替代Perfectcomplements(完全互补Satiation餍足BadExtremeCasesofIndifference
ExtremeCasesofIndifferenceCurves:PerfectSlopesareconstantat-BundlesinI2allhaveatotalof15units
o9
Eachof(5,5),and(9,5)contains5pairssoeachisequally l-BehavedConvexity:l-BehavedConvexity:Mixturesofbundlesare(atleastweakly)preferredtothebundlesthemselves.E.g.,the50-50mixtureofthebundlesxandyiszisatleastaspreferredasxor Well-BehavedPreferences--
Well-BehavedPreferences-- x
z=+ isstrictly
z=(tx1+(1-t)y1,tx2+(1- 2
1
tobothxandy.
ispreferredtoxandyfr <1.y Well-BehavedPreferences--
Preferencesarestrictly whenallmixtures
weaklyconvexif are preferredtobundlesxandy.y
leastonemixturezisequallypreferredx toa Non-Convex MoreNon-ConvexThemixture islesspreferredhnx
Themixture islesspreferredhnx MarginalRateofMarginalRateofdx2=’therateatwhichtheconsumerisonlyjustwillingtoexchangecommodity2forasmallamountofcommodity1.MarginalwillingnesstoMRSatx’lim-
2
=-dx2/dx1atMarginalRateof MRS&Ind.CurveClothing
AMRS=-B1
C
MRS= MRS esmoreasx1increases 64
D1-1-
MRS=EG
MRS=
MRSisnotalwaysincreasing
x1
U(x1,x2)2 2
MRS=
dUdU(x1,x2)
dx1
dx2= MRS=
MRSdx2
/_/
u
UtilityFunctionand’Aconsumerspreferencescanberepresentedbyautilityfunction’The“perfectsubstitutes”preferencecanbereresentedbUx The“perfectcomplements”preferences:U(x,y)=min{x,y}Istheutilitfunctionreresentationuniue
UtilityFunctionandTheutilityrepresentationisnotApositivemonotonictransformationofautilityfunctionrepresentsthesamereferenceastheoriinalutilitfunctionAslongastheutilityfunctionsgivethesameorderingoftheconsumptionbundles,Theutilityisordinal,ratherthanConsumerConsumerComputingordinaryV(x1,x2)
f[u(x1,x2
f'(u)MRSv/x1
f'(u)u/f'(u)u/
u/TheprincipalbehavioralpostulateisthattoTheavailablechoicesconstitutethechoiceset.Howisthemostpreferredbundleinthe
RationalConstrainedMorepreferredRationalConstrained preferred
RationalConstrainedThemostpreferredaffordablebundleisDEMAND(orDEMAND)atthegiven
Ordinarydemandswillbedenotedbyx1*(p1,p2,m)andx2*(p1,p2,m).* *RationalConstrained RationalConstrainedWhen
*>0and
*>0the
(x1*,x2*)is bundleisIfbuying(x1*,x2*)costs$mthenthebudgeti
(x1*,x2*)exhauststhe* *RationalConstrained (x1*,x2*)is(x1*,x2*)exhauststhebudget;p1x1*+p2x2*=m.
RationalConstrained (x1*,x2*)isinteriorTheslopeofthecurveat(x1*,x2*)equalstheslopeofthebudget ** **RationalConstrained(x1*,x2*)satisfiestwo(a)thebudget p1x1*+p2x2*=btanenc:thesloeofthebud
MeaningoftheTangency onsumptionbundle(x1,Theconsumeriswillingtogiveup2unitofx2constraint,-p/p,andtheslopeof
exchangeforanadditionalunitof◦ Themarketallowshertogiveuponly1unitofindifferencecurvecontaining(x1*,x2*)
toobtainanadditionalequalat
(x1,x2)isnotoptimalShecanbebetteroffincreasingherconsumptionofSolvefor2simultaneousBudgetTheconditionsmaybeobtainedby theLagrangianmultipliermethod, constrainedoptimizationin locate(x1*,x2*)forgivenp1,p2andm?
SupposethattheconsumerhasCobb-U(x,x)
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 养殖种植合作合同范例
- 共享养牛合同范例
- 一建专用合同范例
- 公司转让合同范例范例
- 修房外包合同范例
- 上门灭蚊合同范例写
- 书出版合同范例6
- 养殖租金合同范例
- 内勤用工合同范例
- 冷库运营合同范例
- 2025届高三化学一轮复习 化学工艺流程题说题 课件
- 第四周主题班会教案38妇女节《“致敬了不起的她”》
- 2025中国福州外轮代理限公司招聘15人易考易错模拟试题(共500题)试卷后附参考答案
- 班主任培训讲座
- 医院化验室管理制度
- 《AI人工智能知识竞赛》题库及答案100道(简单)
- 新课标(水平三)体育与健康《篮球》大单元教学计划及配套教案(18课时)
- (2024)湖南省公务员考试《行测》真题卷及答案解析
- 记账实操-新能源科技有限公司的账务处理示例
- 《篮球规则》课件
- 【MOOC】高频电子技术-四川信息职业技术学院 中国大学慕课MOOC答案
评论
0/150
提交评论