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ChapterNine,BuyingandSelling购买和销售,Structure,Endowments（禀赋）BudgetconstraintswithendowmentsNetdemandsPriceoffercurveExample:LaborsupplyComparativestaticsSlutskyequationrevisited,BuyingandSelling,Tradeinvolvesexchange-whensomethingisboughtsomethingelsemustbesold.Whatwillbebought?Whatwillbesold?Whowillbeabuyer?Whowillbeaseller?,BuyingandSelling,Andhowareincomesgenerated?Howdoesthevalueofincomedependuponcommodityprices?Howcanweputallthistogethertoexplainbetterhowpricechangesaffectdemands?,Endowments,Thelistofresourceunitswithwhichaconsumerstartsishisendowment（禀赋）.Aconsumersendowmentwillbedenotedbythevector(omega).,Endowments,E.g.statesthattheconsumerisendowedwith10unitsofgood1and2unitsofgood2.Whatistheendowmentsvalue?Forwhichconsumptionbundlesmayitbeexchanged?,Endowments,p1=2andp2=3sothevalueoftheendowmentisQ:Forwhichconsumptionbundlesmaytheendowmentbeexchanged?A:Foranybundlecostingnomorethantheendowmentsvalue.,BudgetConstraintsRevisited,So,givenp1andp2,thebudgetconstraintforaconsumerwithanendowmentisThebudgetsetis,BudgetConstraintsRevisited,x2,x1,w1,w2,BudgetConstraintsRevisited,x2,x1,w1,w2,Budgetset,ChangingEndowments,x2,x1,(w1,w2),(w1”,w2”),(w1,w2),Changingtheendowment,ChangingPrices,x2,x1,w1,w2,Changingpricesoftheendowment,ChangingPrices,x2,x1,w1,w2,Budgetset,ChangingPrices,x2,x1,w1,w2,Theendowmentpointisalwaysonthebudgetconstraint.,Sopricechangespivottheconstraintabouttheendowmentpoint.,NetDemand,TheconstraintisThatis,thesumofthevaluesofaconsumersnetdemands（净需求）iszero.,NetDemands,Supposeandp1=2,p2=3.ThentheconstraintisIftheconsumergrossdemands(毛需求）(x1*,x2*)=(7,4),then3good1unitsexchangefor2good2units.Netdemandsarex1*-w1=7-10=-3andx2*-w2=4-2=+2.,NetDemands,p1=2,p2=3,x1*-w1=-3andx2*-w2=+2so,Thepurchaseof2extragood2unitsat$3eachisfundedbygivingup3good1unitsat$2each.,NetDemandsatDifferentPrices,x2,x1,w1,w2,x2*,x1*,Atprices(p1,p2)theconsumersellsunitsofgood1toacquiremoreunitsofgood2.,Netsellerofgood1,x2,x1,w1,w2,x2*,x1*,Atprices(p1,p2)theconsumersellsunitsofgood2toacquiremoreofgood1.,Netbuyerofgood1,NetDemandsatDifferentPrices,x2,x1,x2*=w2,x1*=w1,Atprices(p1”,p2”)theconsumerconsumesherendowment;netdemandsareallzero.,Autarky,NetDemandsatDifferentPrices,OfferCurve,x2,x1,w1,w2,Price-offercurvecontainsalltheutility-maximizinggrossdemandsforwhichtheendowmentcanbeexchanged.,NetDemands,x2,x1,w1,w2,Price-offercurve,Sellgood1,buygood2,NetDemands,x2,x1,w1,w2,Price-offercurve,Buygood1,sellgood2,因课件太大，无法上传。本处删除了2张关于提供曲线和需求曲线的几何图形的图片格式，请看教材图形。cym,SomeResultsaboutPriceChange,Ifaconsumerisanetsellerofagood,whenthepriceofthegooddecreases,ifsheremainsabuyerthentheconsumerisworseoff.Ifaconsumerifanetbuyerofagood,whenthepricedecreases,theconsumerwillremainabuyerandbebetteroff.,因课件太大，无法上传。本处删除了2张关于价格变动（商品1价格下降、上升）的几何图形的图片格式，请看教材图形。cym,LaborSupply,Aworkerisendowedwith$mofnonlaborincomeandRhoursoftimewhichcanbeusedforlabororleisure.w=(R,m).Consumptiongoodspriceispc.wisthewagerate.,LaborSupply,TheworkersbudgetconstraintiswhereC,Rdenotegrossdemandsfortheconsumptiongoodandforleisure.Thatis,endowmentvalue,expenditure,LaborSupply,rearrangesto,LaborSupply,C,R,R,endowment,m,($),LaborSupply,C,R,R,endowment,m,LaborSupply,C,R,R,endowment,m,LaborSupply,C,R,R,endowment,m,slope=,therealwagerate,LaborSupply,C,R,R,endowment,m,C*,R*,leisuredemanded,laborsupplied,LaborSupplyCurve,SlutskysEquationRevisited,Slutsky:changestodemandscausedbyapricechangearethesumofapuresubstitutioneffect,andanincomeeffect.Thisassumedthatincomeydidnotchangeaspriceschanged.Butdoeschangewithprice.HowdoesthismodifySlutskysequation?,SlutskysEquationRevisited,Achangeinp1orp2changessotherewillbeanadditionalincomeeffect,calledtheendowmentincomeeffect（禀赋收入效应）.Slutskysdecompositionwillthushavethreecomponentsapuresubstitutioneffectan(ordinary)incomeeffect,andanendowmentincomeeffect.,SlutskysEquationRevisited,x1,w2,w1,x2,x2,x1,Initialpricesare(p1,p2).,SlutskysEquationRevisited,x1,w2,w1,x2,x2,x1”,x2”,Initialpricesare(p1,p2).Finalpricesare(p1”,p2”).,x1,SlutskysEquationRevisited,x1,w2,w1,x2,x2,x1”,x2”,Initialpricesare(p1,p2).Finalpricesare(p1”,p2”).,Howisthechangeindemandfrom(x1,x2)to(x1”,x2”)explained?,x1,SlutskysEquationRevisited,x1,w2,w1,x2,x2,x1,Initialpricesare(p1,p2).,SlutskysEquationRevisited,x1,w2,w1,x2,x2,x1”,x2”,Initialpricesare(p1,p2).Finalpricesare(p1”,p2”).,x1,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,Ordinaryincomeeffect,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,Ordinaryincomeeffect,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,Ordinaryincomeeffect,Endowmentincomeeffect,SlutskysEquationRevisited,x1,w2,w1,x2,Puresubstitutioneffect,Ordinaryincomeeffect,Endowmentincomeeffect,SlutskysEquationRevisited,Overallchangeindemandcausedbyachangeinpriceisthesumof:(i)apuresubstitutioneffect(ii)anordinaryincomeeffect(iii)anendowmentincomeeffect,SlutskyEquationwithEndowments,Or,(-),(+),(+),
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