Competitive Equilibrium Under Uncertainty PDF Download
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Author: Roy Radner
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 56
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Book Description
The paper represents an application of the modern theory of competitive equilibrium to the case of uncertainty. Two theorems are presented: the first sets forth sufficient conditions for the existence of a competitive equilibrium for the case in which each economic agent has a given structure of information available and the second sets forth sufficient conditions for the existence of a competitive equilibrium for the case in which any available structure of information may be used. However, if the costs of obtaining information are included in the analysis, the conditions of the theorem may not be met. This is also true if the costs necessary to perform computations are included. In addition if part of the information available to economic agents concerns the behavior of other agents rather than concerning environmental variables, the conditions of the theorem may not be fulfilled. (Author).
Author: Roy Radner
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 56
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Book Description
The paper represents an application of the modern theory of competitive equilibrium to the case of uncertainty. Two theorems are presented: the first sets forth sufficient conditions for the existence of a competitive equilibrium for the case in which each economic agent has a given structure of information available and the second sets forth sufficient conditions for the existence of a competitive equilibrium for the case in which any available structure of information may be used. However, if the costs of obtaining information are included in the analysis, the conditions of the theorem may not be met. This is also true if the costs necessary to perform computations are included. In addition if part of the information available to economic agents concerns the behavior of other agents rather than concerning environmental variables, the conditions of the theorem may not be fulfilled. (Author).
Author: Jacques H Drèze
Publisher: Springer
ISBN: 1349019895
Category : Business & Economics
Languages : en
Pages : 271
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Book Description
Author: Peter Diamond
Publisher: Academic Press
ISBN: 1483264505
Category : Business & Economics
Languages : en
Pages : 569
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Book Description
Uncertainty in Economics: Readings and Exercises provides information pertinent to the fundamental aspects of the economics of uncertainty. This book discusses ho uncertainty affects both individual behavior and standard equilibrium theory. Organized into three parts encompassing 30 chapters, this book begins with an overview of the relevance of expected utility maximization for positive and normative theories of individual choice. This text then examines the biases in judgments, which reveal some heuristics of thinking under uncertainty. Other chapters consider the effect of restricting trade in contingent commodities to those trades that can be affected through the stock and bond markets. This book discusses as well the individual problem of sequential choice and equilibria, which are built around the notion of sequential choice. The final chapter deals with an entirely different aspect of the economics of information and reverts to the assumption that markets are perfect and costless. This book is a valuable resource for economists and students.
Author: Dieter Sondermann
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
Author: Jean-Jacques Laffont
Publisher: MIT Press
ISBN: 9780262121361
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.
Author: Alan S. Blinder
Publisher: Elsevier
ISBN: 1483264831
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Natural Resources, Uncertainty, and General Equilibrium Systems: Essays in Memory of Rafael Lusky compiles a collection of works by economists who had been friends and colleagues of Rafael Lusky, a teacher in the University of Florida and contributor to theoretical resource economics. This book is divided into four sections— natural resources, uncertainty, general equilibrium systems, and policy and applications. In these sections, this text specifically discusses the resource depletion with technological uncertainty and the Rawlsian fairness principle; monopoly, uncertainty, and exploration; and price discrimination under uncertainty. The insurance theoretic aspects of workers' compensation; adverse selection and optimum insurance policies; and difficulty with Keynesian models of aggregate demand are also elaborated. This compilation likewise deliberates the exchange model of bilateral trade; optimal taxes on foreign lending; and extended linear permanent expenditure system (ELPES). This publication is a useful reference for economists and students concerned with theoretical resource economics.
Author: Anders Borglin
Publisher: Springer Science & Business Media
ISBN: 3662051974
Category : Business & Economics
Languages : en
Pages : 407
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Book Description
The developments of economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions. The conflict between observed institutions and the benchmark interpretation became apparent. This led to the introduction of new equilibrium concepts. The emphasis was on the possibilities to transfer purchasing power over time using spot markets involving assets or money. This advanced textbook focuses on the developments in the theory of incomplete markets and overlapping generations economies where income transfers over time are restricted either by available assets or by the unfeasibility of contracts with unborn generations. It bridges the gap between standard textbooks on microeconomics and more advanced expositions. Contains diagrams, examples and exercises.
Author: Ross M. Starr
Publisher: Cambridge University Press
ISBN: 9780521564731
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.
Author: Michael Magill
Publisher: MIT Press
ISBN: 9780262632546
Category : Business & Economics
Languages : en
Pages : 566
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Book Description
Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author: Jacques Drèze
Publisher: CUP Archive
ISBN: 9780521386975
Category : Business & Economics
Languages : en
Pages : 460
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Book Description
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
