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General equilibrium and welfare economics

Author: Moore, James C. Publisher: Springer, 2007.Language: EnglishDescription: 576 p. ; 24 cm.ISBN: 3540314075Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB145 .M66 2007
(Browse shelf)
001210701
Available 001210701
Total holds: 0

Includes bibliographical references and index

Digitized

General Equilibrium and Welfare Economics An Introduction Contents Preface vii 1 An Introduction to Preference Theory 1 1.1 Introduction ......................................................................................... 1 1.2 Binary Relations and Orderings ............................................................ 2 1.3 Preference Relations and Utility Functions ........................................ 11 2 Algebraic Choice Theory 21 2.1 Introduction ....................................................................................... 21 2.2 The General Algebraic Theory of Choice ............................................... 22 2.3 Some Criticisms of the Model ............................................................... 25 2.4 Stated Preferences versus Actual Choices .......................................... 28 2.5 The Specification of the Primitive Terms ............................................. 30 2.6 Weak Separability of Preferences ......................................................... 33 2.7 Additive Separability ............................................................................ 39 2.8 Sequential Consumption Plans .......................................................... 41 2.9 The BPL Experiment Reconsidered ...................................................... 44 2.10 Probabilistic Theories of Choice ......................................................... 45 2.11 Are Preferences Total?.............................................................................................................................................................. 47 2.12 Are Preferences Transitive? ............................................................................................................................................ 50 2.12.1 'Just Noticeable Difference,' or 'Threshold Effects' ................. 50 2.12.2 Decision Rules Based On Qualitative Information................. 51 2.12.3 Priorities and Measurement Errors ....................................... 52 2.12.4 Group Decisions: The Dr. Jekyll and Ms. Jekyll Problem . ... 53 2.13 Asymmetric Orders............................................................................. 54 3 Revealed Preference Theory 3.1 Introduction ...................................................................................... 3.2 Choice Correspondences and Binary Relations .................................. 3.3 Regular-Rational Choice Correspondences ........................................ 3.4 Representable Choice Correspondences ............................................. 3.5 Preferences and Observed Demand Behavior..................................... 3.6 The Implications of Asymmetric Orders* ............................................ xi 59 59 59 64 67 70 77 xii CONTENTS 4 Consumer Demand Theory 85 4.1 Introduction ..................................................................................... 85 4.2 The Consumption Set ........................................................................ 85 4.3 Demand Correspondences ................................................................ 88 4.4 The Budget Balance Condition .......................................................... 90 4.5 Some Convexity Conditions ................................................................ 94 4.6 Wold's Theorem .................................................................................... 96 4.7 Indirect Preferences and Indirect Utility ........................................... 97 4.8 Homothetic Preferences .................................................................... 104 4.9 Cost-of-Living Indices ......................................................................... 108 4.10 Consumer's Surplus .................................................................... 111 4.11 Appendix .......................................................................................... 125 5 Pure Exchange Economies 5.1 Introduction ................................................................................... 5.2 The Basic Framework ....................................................................... 5.3 The Edgeworth Box Diagram ............................................................ 5.4 Demand and Excess Demand Correspondences ............................ 5.5 Pareto Efficiency ................................................................................ 5.6 Pareto Efficiency and 'Non-Wastefulness' ....................................... 6 Production Theory 6.1 Introduction ................................................................................... 6.2 Basic Concepts of Production Theory .............................................. 6.3 Linear Production Sets .................................................................... 6.4 Input-Output Analysis .................................................................... 6.5 Profit Maximization ............................................................................ 6.6 Profit Maximizing with Constant Returns to Scale* ........................ 6.7 Production in General Equilibrium Theory ..................................... 6.8 Activity Analysis* ................................................................................. 7 Fundamental Welfare Theorems 7.1 Introduction ................................................................................... 7.2 Competitive Equilibrium with Production ....................................... 7.3 Some Diagrammatic Techniques ..................................................... 7.4 Walras' Law with Production ........................................................... 7.5 The 'First Fundamental Theorem' ................................................... 7.6 `Unbiasedness' of the Competitive Mechanism ............................... 7.7 A Stronger Version of 'The Second Theorem' ................................... 8 The Existence of Competitive Equilibrium 8.1 Introduction ................................................................................... 8.2 Examples, Part 1 ............................................................................ 8.3 Assumption (c) and the Attainable Set ............................................ 8.4 The Gale and Mas-Colell Theorem ................................................... 8.5 An (Especially) Simple Existence Theorem ....................................... 131 131 131 133 138 142 150 155 155 155 161 166 171 176 178 182 191 191 191 196 201 205 211 219 227 227 229 235 239 241 CONTENTS xiii 8.6 Appendix .............................................................................................. 244 9 Examples of General Equilibrium Analyses 249 9.1 Introduction ..................................................................................... 249 9.2 Optimal Commodity Taxation: Initial Formulation ........................... 249 9.3 A Reconsideration of the Problem ....................................................... 252 9.4 The Simplest Model of Optimal Commodity Taxation ....................... 255 9.5 Some Results ..................................................................................... 256 9.6 Optimal Income Taxation ................................................................... 259 9.7 Monopoly in a General Equilibrium Model.......................................... 269 9.8 Money in a General Equilibrium Model ............................................. 272 9.9 Indivisible Commodities ...................................................................... 276 10 Comparative Statics and Stability 281 10.1 Introduction ................................................................................... 281 10.2 Aggregate Excess Demand................................................................. 282 10.3 The law of Demand' .......................................................................... 286 10.4 Gross Substitutes ......................................................................... 291 10.5 Qualitative Economics ..................................................................... 294 10.6 Stability in a Single Market ............................................................. 298 10.7 Multi-Market Stability ...................................................................... 302 10.8 A Note on Non-Tâtonnement Processes ........................................... 307 11 The Core of an Economy 311 11.1 Introduction ................................................................................... 311 11.2 Convexity and the Attainable Consumption Set ............................. 314 11.3 The Core of a Production Economy ................................................. 317 11.4 The Core in Replicated Economies .................................................. 320 11.5 Equal Treatment ............................................................................. 329 11.6 Appendix ............................................................................................ 330 12 General Equilibrium with Uncertainty 333 12.1 Introduction ................................................................................... 333 12.2 Arrow-Debreu Contingent Commodities .......................................... 333 12.3 Radner Equilibrium ........................................................................ 339 12.4 Complete Markets ............................................................................ 345 12.5 Complete Markets and Efficiency .................................................... 350 12.6 Concluding Notes ............................................................................. 355 13 Further Topics 359 13.1 Introduction.................................................................................... 359 13.2 Time in the Basic Model ................................................................... 359 13.3 An Infinite Time Horizon ................................................................... 366 13.4 Overlapping Generations ................................................................. 369 13.5 A Continuum of Traders .................................................................. 372 13.6 Suggestions for Further Reading .................................................... 379 xiv 14 Social Choice and Voting Rules CONTENTS 383 14.1 Introduction ................................................................................. 383 14.2 The Basic Setting ........................................................................... 384 14.3 Voting Rules .................................................................................... 387 14.4 Arrow's General Possibility Theorem .............................................. 392 14.5 Appendix. A More Sophisticated Borda Count .............................. 402 15 Some Tools of Applied Welfare Analysis 15.1 Introduction ................................................................................. 15.2 The Framework ............................................................................... 15.3 Measurement Functions .............................................................. 15.4 Social Preference Functions .......................................................... 15.5 The Compensation Principle .......................................................... 407 407 408 409 411 416 15.6 Indirect Preferences: Individual and Social.................................... 420 15.7 Measures of Real National Income ................................................. 422 15.8 Consumers' Surplus .................................................................... 428 16 Public Goods 437 16.1 Introduction ................................................................................. 437 16.2 A Simple Model.................................................................................. 437 16.3 Public Goods ................................................................................... 441 16.4 A Simple Public Goods Model ......................................................... 442 16.5 Lindahl and Ratio Equilibria ......................................................... 16.6 The 'Fundamental Theorems' for Lindahl Equilibria ..................... 16.6.1 The 'First Fundamental Theorem' ..................................... 16.6.2 The 'Second Fundamental Theorem' .................................. 16.6.3 The `Metatheorem' ............................................................... 17 Externalities 17.1 Introduction ................................................................................. 17.2 Externalities: A First Look .............................................................. 17.3 Extending the Model ...................................................................... 446 455 456 458 462 467 467 468 475 17.4 The `Coase Theorem' ....................................................................... 480 17.5 Lindahl and Externalities ............................................................. 484 17.6 Postscript ...................................................................................... 487 18 Incentives and Implementation Theory 18.1 Introduction.................................................................................. 18.2 Game Forms and Mechanisms ..................................................... 18.3 The Gibbard-Satterthwaite Theorem ............................................. 18.4 Implementation Theory .................................................................. 18.5 Single-Peaked Preferences and Dominant Strategies .................... 18.5.1 Single-Peaked Preferences .................................................. 18.5.2 The Bowen Model ................................................................. 18.6 Quasi-Linearity and Dominant Strategies .................................... 489 489 490 495 502 504 504 509 511 18.7 Implementation in Nash Equilibria ............................................... 520 CONTENTS xv 18.8 Nash Implementation with Public Goods........................................ 522 18.9 The Revelation Principle Reconsidered ........................................... 525 18.10Notes and Suggestions for Further Reading ................................. 527 19 Appendix. Solutions for Selected Exercises 19.1 Chapter 1 ..................................................................................... 19.2 Chapter 2 ..................................................................................... 19.3 Chapter 3 ..................................................................................... 19.4 Chapter 4 ..................................................................................... 19.5 Chapter 5 ..................................................................................... 19.6 Chapter 6 ..................................................................................... 19.7 Chapter 7 ..................................................................................... 19.8 Chapter 8 ..................................................................................... 19.9 Chapter 9 ..................................................................................... 19.10 Chapter 10 ................................................................................. 19.11 Chapter 11 ................................................................................. 19.12 Chapter 12 ................................................................................. 19.13 Chapter 13 ................................................................................. 19.14 Chapter 14 ................................................................................. 19.15 Chapter 15 ................................................................................. 19.16 Chapter 16 ................................................................................. 19.17 Chapter 17 ................................................................................. 19.18 Chapter 18 ................................................................................. References Author Index Subject Index 531 531 533 533 536 537 540 542 543 548 548 548 550 551 551 551 551 552 553 555 569 573

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