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Author: Takatoshi Ito
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 30
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Book Description
There are a couple of well-known unsatisfactory properties in the notion of effective demand defined by Benassy and one by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale proved the existence of the equilibrium with stochastic rationing mechanism. However, Gale 's rationing mechanism requires an economic agent to know all the individual effective demands from the other agents. This creates the informational problem. Green examined a rationing scheme which depends only on the individual effective demand and the aggregate signals. However, he did not consider conditions on rationing mechanisms to show the existence of temporary equilibrium. The purpose of this paper is to show a couple of sufficient conditions for the existence of temporary equilibrium preserving all properties Green considered on rationing mechanisms. We also discuss the possibility of balancing demand and supply in realization instead of in the mean
Author: Takatoshi Ito
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 30
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Book Description
There are a couple of well-known unsatisfactory properties in the notion of effective demand defined by Benassy and one by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale proved the existence of the equilibrium with stochastic rationing mechanism. However, Gale 's rationing mechanism requires an economic agent to know all the individual effective demands from the other agents. This creates the informational problem. Green examined a rationing scheme which depends only on the individual effective demand and the aggregate signals. However, he did not consider conditions on rationing mechanisms to show the existence of temporary equilibrium. The purpose of this paper is to show a couple of sufficient conditions for the existence of temporary equilibrium preserving all properties Green considered on rationing mechanisms. We also discuss the possibility of balancing demand and supply in realization instead of in the mean
Author: Gerd Weinrich
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 44
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Author: Gerd Weinrich
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ISBN:
Category :
Languages : de
Pages : 22
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Author: Patrick Remi Coene
Publisher:
ISBN:
Category : Consumers
Languages : en
Pages : 324
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Author: Gerd Weinrich
Publisher:
ISBN:
Category :
Languages : it
Pages : 25
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![On the Theory of Effective Demand Under Stochastic Rationing/ by Gerd Weinrich ; [Ed.:] European University Institute, Department of Economics PDF](https://books.google.com/books/content/images/frontcover/e5YWSQAACAAJ?fife=w80-h100)
Author: Gerd Weinrich
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Seppo Honkapohja
Publisher:
ISBN: 9789514519796
Category :
Languages : en
Pages : 54
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Author: Lars E. O. Svensson
Publisher:
ISBN:
Category :
Languages : sv
Pages : 36
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Author: Source Wikipedia
Publisher: University-Press.org
ISBN: 9781230837673
Category :
Languages : en
Pages : 84
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 23. Chapters: Coordination failure (economics), Credit rationing, Diamond coconut model, Dynamic stochastic general equilibrium, Efficiency wage, Hysteresis (economics), Implicit contract theory, Insider-outsider theory of employment, Kiyotaki-Moore model, Menu cost, Real rigidity, Sticky (economics). Excerpt: Credit rationing refers to the situation where lenders limit the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates. It is an example of market imperfection, or market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply "too expensive" for some borrowers, that is, situations where the interest rate is deemed too high. On the contrary, the borrower would like to acquire the funds at the current rates, and the imperfection refers to the absence of equilibrium in spite of willing borrowers. In other words, at the prevailing market interest rate, demand exceeds supply, but lenders are not willing to either loan more funds, or raise the interest rate charged, as they are already maximising profits. Credit rationing is not the same phenomenon as the better-known case of food rationing, common in times of war. In that case, shortages lead governments to control the food portions allocated to individuals, who would be willing to pay higher prices for more portions. However, credit rationing is not necessarily the result of credit shortages but rather of asymmetric information. More importantly, food rationing is a result of direct government action, while credit rationing is a market outcome. Two main types of credit rationing can usually be distinguished. "Redlining" refers to the situation where some specific group of borrowers, who share an identifiable trait, cannot obtain...
Author: Barbara Goody Katz
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 6
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