Microeconomics for the critical mind: mainstream and heterodox analyses
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| Schriftenreihe: | Classroom Companion: Economics
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| ISBN: | 9783030620691 |
| ISSN: | 2662-2882 |
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| 245 | 1 | 0 | |a Microeconomics for the critical mind |b mainstream and heterodox analyses |c Fabio Petri |
| 264 | 1 | |a Cham |b Springer |c [2021] | |
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| 490 | 0 | |a Classroom Companion: Economics |x 2662-2882 | |
| 650 | 4 | |a Microeconomics | |
| 650 | 4 | |a History of Economic Thought/Methodology | |
| 650 | 4 | |a Heterodox Economics | |
| 650 | 4 | |a Microeconomics | |
| 650 | 4 | |a Economic history | |
| 650 | 4 | |a Schools of economics | |
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Datensatz im Suchindex
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| adam_text | Contents 1 The Classical or Surplus Approach.................................................... 1 1.1 1.2 1.3 1.3.1 AVery Brief Historical Introduction........................................................... Social Surplus and Income Distribution..................................................... Income Distribution, Wages....................................................................... The General Wage Level................................................................................ 3 6 12 12 1.3.2 1.4 RelativeWages............................................................................................... The Other Data in the Determination of the Surplus............................... 18 19 1.4.1 1.4.2 1.5 1.5.1 1.5.2 1.6 1.7 1.3 1.9 1.9.1 Quantities..................................................................................................... Technology.................................................................................................... Land Rent...................................................................................................... Extensive Differential Rent............................................................................. Intensive Differential Rent............................................................................. Rate of Profit and Relative Prices.............................................................. Corn Model, Luxury Goods, the Decreasing w(r)Function........................ The LabourTheoryofValue......................................................................
Marx.............................................................................................................. Values, Surplus Values, Value of Labour Power.............................................. 19 20 24 24 26 30 36 39 46 46 1.9.2 1.9.3 1.10 1.11 The Determination of the Rate of Profit.......................................................... A Mistake In Marx s Determination of the Rate of Profit................................. The Marxist Tradition................................................................................... The Standard Commodity as the average’ Commodity Marx Was 48 51 52 1.12 1.12.1 1.12.2 1.12.3 Looking For.................................................................................................. MoreonMarx............................................................................................... Wages............................................................................................................ Quantities..................................................................................................... Growth, Technical Change, the law of the Tendency of the Rate 57 59 59 62 1.12.4 1.13 1.14 1.14.1 1.14.2 1.14.3 1.14.4 of Profit to Fall............................................................................................... MarxandtheFuture of Capitalism................................................................ Core and Out-of-Core Analyses In the SurplusApproach....................... A Modern View of the Determinants of Aggregate Production............... Going Beyond Marxon What Determines
Aggregate Production.................. The Principle of Effective Demand................................................................. The Dynamic Multiplier.................................................................................. The Adaptability of Production to Demand................................................... 64 69 71 73 73 75 81 83 1.15 Conclusions.................................................................................................. 1.16 Review Questions and Exercises................................................................. References................................................................................................................. 85 85 88 2 2.1 2.2 2.3 Long-Period Prices................................................................................. 91 Long-Period Prices: Matrix Representation.................................................. 93 Eigenvalues and the Perron-Frobenius Theorem........................................ 96 Applying Perron-Frobenius.TheStandardCommodlty............................. 100
Contents 2.4 Non-bask Commodities............................................................................... 1°5 2.5 2.6 2.7 2.8 2.9 2.10 Leonttef’s Open Model................................................................................. The Hawkins-Simon Condition..................................................................... The Interpretation oí the Leontief inverse.................................................... Subsystems; Labours Embodied as Employment Multipliers....................... pricing with Vertically Integrated Technical Coefficients.............................. The Relationship Between Rateof Profitand RateofWages....................... 2.11 2.12 2.13 2.14 Choice ofTechnique...................................................................................... Non-basics and Choice of Techniques........................................................... Techniques Including DifferentCommodities............................................. TheSamuelson-Garegnani Model and the Champagne-Whiskey Model........................................................................................................... 119 127 129 2.15 Fixed Capital................................................................................................ 2.16 Conclusions................................................................................................. 2.17 Review Questionsand Exercises...................................................................
References................................................................................................................ 137 H7 148 151 3 3.1 3.2 109 109 110 112 112 130 Introduction to the Marginal Approach........................................... 153 Introduction................................................................................................. 156 Equilibrium and Gravitation........................................................................ 157 3.3 The Labour-Land-Corn Economy·. Direct (or Technological) Factor Substitutability............................................................................................ Production Functions, Isoquants and Marginal Products............................... Factor Demand Curves, Cost Function and Equilibrium in Factor Markets.......................................................................................... 3.3.3 Importance of Factor Substitutability............................................................ 3.3 4 Comparative Statics....................................................................................... 3.4 The Role of Consumer Choice;The Indirect Factor Substitution Mechanism................................................................................................... 3.5 The Simultaneous Operation of Both Substitution Mechanisms, andthelmportanceofHighlyElasticFactorDemandCurves..................... 3.6 Money......................................................................................................... 3.7 Efficiency, the Forest Exchange Economy, Choice Curves and
Equilibrium in the Edgeworth Box....................................................... 3.7.1 Elements of Consumer Theory: Utility Function, indifference Curves, MRS.................................................................................................. 3.7.2 Exchange Economy, Edgewort Box, Pareto Efficiency.................................... 3.8 Pareto Efficiency in the Production Economy. Marginal Cost....................... 3.9 Robinson Crusoe and Market Valuation as Reflecting Natural Laws.......... 3.10 Introduction of the Rate of Interest and of Capital in the Marginálist Theory of Distribution................................................................................ 3.10.1 The Rate of Interest in the Exchange Economy............................................. 3.3.1 3.3-2 3.10.2 3.10.3 3.11 3.12 The Rate of Interest in the Corn Economy..................................................... Capital and the Indirect Factor Substitution Mechanism............................... Money and the Rate of Interest................................................................... Accumulation............................................................................................... 159 159 163 174 175 177 180 184 185 185 190 196 206 209 209 211 213 217 218
XIII Contents 3.13 A Comparison Between the Classical and the Marginal Approaches to Income Distribution·. The Basic Analytical Difference and Some 3.13.1 3.13.2 Implications.................................................................................................. 219 The Different Data When Determining the Rate of Return on Capital........... 219 The Role of Social and Political Elements. Competition in Labour Markets ... 222 3.13.3 3.13.4 3.14 Exploitation?.................................................................................................. 224 Technical Progress, Relative Wages, Unequal Exchange............................... 226 Intensive Differential Rentând theMarginal Approach............................. 228 3.15 Final Elements of Differentiation: Supply of Capital, Say s Law.....................236 3.16 3.17 Conclusion.................................................................................................... 240 Review Questions and Exercises................................................................... 241 References................................................................................................................. 245 4 4.1 4.2 Consumers and the Exchange Economy................................ Introduction..................................................................................... The Consumption Set, Time and the Role of Equilibrium............. 4.3 4.4 Preferences and Utility...................................................................... Convex Preferences, Quasi-Concave Utility, Typical
Indifference 4.5 4.6 Optimization ..................................................................................... Demand, Continuity and Upper Hemicontinuity of Correspondences.......................................................................... The Two-Goods Exchange Economy and the Importance of Continuity of Demand....................................................................... First-Order Conditions. Corner Solutions. The Kuhn-Tucker Theorem............................................................................................. Envelope Theorem.......................................................................... 4.7 4.8 4.9 4.10 4.11 Indirect Utility,Expenditure Function,Compensated Demand ... Roy s Identity, Shephard s Lemma, Some Dualities and Some Utility Functions................................................................................ 4.11.1 4.11.2 4.11.3 4.11.4 4.11.5 4.12 4.13 Roy s Identity and Shephard s Lemma................................................. Homothetic Utility Functions and Homothetlc Preferences................ Quasi-Unear Utility.............................................................................. The Cobb-Douglas Utility Function and the Elasticity of Substitution . The CES Utility Function...................................................................... The Slutsky Equation......................................................................... Given Endowments: The Walrasian UMP, The Walrasian Slutsky
Equation............................................................................................. Labour Supply. Saving Decision...................................................... 4.14 4.15 Some Notes on the Usefulness of Consumer Theory for Empirical Estimation.......................................................................................... 4.16 Money Metric Utility Function, Equivalent Variation, Compensating Variation.................................................................... Constant Marginal Utility of Money. Consumer Surplus. Reservation Prices.............................................................................. Price Indices and Inflation................................................................ 4.17 4.18 247 272 280 310 313 319 324
Contents 4.19 4.20 Hicksian Aggregability of Goods................................................................ 326 Revealed Preference.................................................................................... 328 4.21 Aggregability of Consumers: Gorman Aggregability and the Representative Consumer............................................................................ 333 4.22 General Equilibrium of Pure Exchange. Aggregability of Consumers.... 337 4.23 Aggregate or Market Demand and the Weak Axiom of Revealed 4.24 4.25 Preference..................................................................................................... 341 Conclusions................................................................................................... 344 Review Questions and Exercises................................................................. 344 References.................................................................................................................. 351 5 Firms, Partial Equilibria and the General Equilibrium with 5.1 5.2 5.3 Production................................................................................................. Introduction................................................................................................. Production Possibility Sets, Netputs, Production Functions................... Axioms on the Production Possibility Set.................................................. 353 356 357 364 5.4 5.5 5.6 Returns to Scale............................................................................................
365 Differentiable Production Functions and Value Capital............................ 368 Homogeneous Production Functions and Returns to Scale..................... 369 5.7 5.8 5.9 5.10 5.11 Activity Analysis.......................................................................................... Marginal Product, Transformation Curve................................................... Profit Maximization and WAPM.................................................................. Optimal Employment of a Factor............................................................... Cost Minimization....................................................................................... 372 373 376 378 379 5Л2 WACm:Kuhn-TuckerConditionsandCostMinimization............................. 382 5.13 Supply Curves: Short-Period Marshallian Analysis, Quasi-Rents............ 384 5.14 From Short-Period to Long-Period Supply................................................ 388 5.15 The Product Exhaustion Theorem with U-Shaped LAC............................. 393 5.16 Aggregation................................................................................................ 394 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.25 5.26 5.27 Shephard s Lemma....................................................................................... The Profit Function and Hotelling s Lemma.............................................. Conditional and Unconditional Factor Demands, Inferior Inputs, Rival Inputs, Substitution Effect and Output Effect.................................. Functional Separability: Leontief
Separability......................................... Duality......................................................................................................... Elasticity of Substitution............................................................................ Partial Equilibrium...................................................................................... Stability of Partial Equilibria....................................................................... Welfare Analysis of Partial Equilibria.......................................................... Price Taking, Perfect Competition, Tâtonnement..................................... The Number of Firms In Modern GE............................................................ 395 395 397 402 403 404 405 408 409 413 419 5.28 The Equations of the Non-capitalistic Generai Equilibrium with Production.................................................................................................... 423 5.29 5.30 The Reduction to an Exchange Economy................................................. 427 The Role of Demand in Determining Product Prices: Why General Equilibrium Product Supply Curves Are Upward Sloping........................ 429
XV Contents 5.31 International Trade...................................................................................... 5.32 On the Persistency of Preferences. Doing Without Demand Curves?.... 5.33 Conclusions.................................................................................................. 5.34 ReviewQuestlonsand Exercises................................................................ References................................................................................................................. 430 433 437 438 441 6 Existence, Uniqueness and Stability of Non-capitalistic General Equilibria................................................................................... 443 6.1 6.2 Introduction.The Exchange Economy...................................................... Existence: Properties of the Market Excess Demand Correspondence......................................................................................... Continuity: Non-strictly Convex Preferences............................................ Continuity: Non-convexConsumption Sets.............................................. Continuity: Survival.................................................................................... Continuity:The Zero-Income Problem...................................................... Continuity: Survival Again and Subsistence.............................................. Existence of General Equilibrium of Exchange: A Simple New Proof .... Brouwer s Fixed-Point Theorem.................................................................. 6.3 6.4 6.5
6.6 6.7 6.8 6.9 6.10 6.11 446 447 450 453 456 458 460 463 465 Existence of Exchange Equilibrium with Strongly Monotonie Preferences.................................................................................................. 466 Uniqueness: The Non-uniqueness of Equilibrium in General. Possibility of Several Locally Stable Equilibria.......................................... 469 6.12 6.13 6.14 Uniqueness: Regular Economies................................................................ 471 The Sonnenschein-Mantel-Debreu Result............................................... 474 Uniqueness Through Conditions on Excess Demand: Gross 6.15 6.16 6.17 Substitutes................................................................................................... Uniqueness Through Conditions on Excess Demand: WAM.................... Uniqueness: No-Trade Equilibrium and Index Theorem........................... Conditions on the Distribution of Characteristics.................................... 475 478 481 482 6.18 6.19 6.20 6.21 Stability: The Cobweb................................................................................. Stability. The Samuelsonian Walrasian Tâtonnement............................... Stability: Some Mathematics and the WAMTheorem............................... Stability: Further Aspects ofthe Problem................................................. 483 485 488 492 6.22 6.23 6.24 6.25 On the Likelihood of Uniqueness and Stability.........................................
Production................................................................................................... ExistenceofaGEofProductionandExchange ......................................... Uniqueness of the Production Equilibrium............................................... 494 498 499 502 6.26 6.27 WAM and the Hildenbrand-Grodal Observation..................................... 509 Gross Substitutability not Sufficient for Uniqueness............................... 511 6.28 6.29 6.30 Stability: The Tâtonnement in the Production Economy.......................... 512 Mandler’s FactorTåtonnement.................................................................. 515 Again on the Likelihood of Uniqueness and Stability.............................. 518 6.31 Conclusions.................................................................................................. 523 6.32 ReviewQuestionsand Exercises................................................................ 523 References................................................................................................................. 527
XVI Contents 7 Capital: Long-Period Equilibria............................................................. 529 7.1 7.2 The Notion of Long-Period Equilibrium...................................................... 531 The Endogenous Determination of Equilibrium Capital 7.3 7Λ 7.5 Endowments.................................................................................................. 534 The Equations of Long-Period General Equilibrium................................... 539 The Quantity of Capital: Suppiy-Side Problems......................................... 548 The Quantity of Capital: Demand-Side Problems. Demand for 7.6 eapital’andlnvestment............................................................................... 551 Re-switching and Reverse Capital Deepening............................................ 558 7.7 7.8 7.9 More on Reverse Capital Deepening. Price Wicksell Effects..................... 563 Stationary States and Hicks Criticism of Long-Period Prices................... 569 The’Austrian Approach............................................................................... 572 7.10 On Substitutability in Modern and In Traditional Production Functions...................................................................................................... Aggregate Production Functions............................................................... Surrogate Production Functions in a Non-Neoclassical Economy. Endogenously Determined Marginal Products......................................... Perception of the Difficulties with‘Capital’, and Shift Back to
Walras—or Almost....................................................................................... Conclusions.................................................................................................. 7.11 7.12 7.13 7.14 575 579 587 591 595 7.15 Review Questions and Exercises................................................................. 596 References................................................................................................................. 599 8 8.1 8.2 Intertemporal Equilibrium,Temporary Equilibrium...................... 601 Introduction................................................................................................ 605 The Intertemporal Reinterpretation of the Non-capitalistic 8.3 8.4 Atemporal Model........................................................................................ 606 Postponing to Chapter 9 on Uncertainty................................................... 609 The Consumer s Intertemporal Utility Function....................................... 609 8.5 8.6 8.7 8.8 Meaning of Prices; Own Rates of Interest................................................. Production.................................................................................................... The Reinterpretation Should not Hide a Difference.................................. Different Own Rates of Interest and Effective Uniformity of Rates of Return.......................................................................................................... 8.9 8.10 Uniform Effective Rate of Return Versus Long-Period Uniform Rate
Of Profit......................................................................................................... 618 UERRSP and URRSP..................................................................................... 619 8.11 8.12 8.13 8.14 Rådner Sequential Equilibria (Without Uncertainty)............................... Existence, Uniqueness, Stability................................................................ Really On!y a Reinterpretation? Some First Problems............................... Money.......................................................................................................... 8.15 611 612 615 616 620 622 623 625 impermanence Problem, Price-Change Problem, Substitutability Problem......................................................................................................... 627 8.16 The Savings-investment Problem............................................................. 632 8.16.1 The Further Assumption ................................................................................. 632
XVII Contents 8.16.2 The Difference It Makes to Assume or Not the Further Assumption՛.............. 635 8.16.3 The Neoclassical Synthesis............................................................................. 640 8.17 8.17.1 Equilibrium Overthe Infinite Future.......................................................... 641 The One-Good Growth Model........................................................................ 641 8.17.2 8.18 8.19 8.20 8.21 8.22 The Old Problems Remain, Plus a New One................................................... Behind the Neoclassical Reliance on intertemporal Equilibria............... Overlapping Generations........................................................................... Multiple OLG Equilibria.............................................................................. The Core of Allocations in the Neoclassical Economy............................... The Core Equivalence Theorem is not Valid forOLG Economies.............. 648 650 652 656 661 668 8.23 8.24 8.25 8.26 8.26.1 8.26.2 8.26.3 8.26.4 8.27 8.27.1 8.27.2 8.28 8.28.1 8.28.2 A Continuum of Equilibria in OLG Models................................................. Summing Up on OLG Models..................................................................... Temporary Equilibria. An Informal Presentation of Some Problems....... An Introductory Pure-Exchange Model..................................................... General Description of the Exchange Economy............................................ A More Detailed Description of the Household s
Behaviour.......................... Problems with the Introductory Model......................................................... A Perplexing Aspect of Green s Equilibrium................................................... Extension to the Case of Economies with Production............................... The Extended Model..................................................................................... Discussion of the Extended Model................................................................ Temporary Equilibrium in Economies with Money .................................. Introduction ofMoney................................................................................... ExistenceofMonetaryEquilibrium................................................................ 669 675 677 679 679 680 685 689 691 691 697 702 702 707 8.28.3 Some Doubts on Grandmonťs Characterization of the Function ofMoney......................................................................................................... 713 Conclusions on the Marginal/Neoclassical Approach, with Special Emphasis on the Labour Demand Curve and on the Investment 8.29 8.30 Function....................................................................................................... 714 ReviewQuestionsand Exercises................................................................ 718 References................................................................................................................. 723 9 9.1 9.2 9.3 9.4 9.5 9.6 Uncertainty and General
Equilibrium.............................................. Lotteries and Expected Utility.................................................................... Axioms for Expected Utility....................................................................... Existence of Expected Utility...................................................................... Risk Aversion and Prospects....................................................................... Risk Aversion and Convexity of Expected Utility..................................... Comparing the Riskiness of Lotteries: Stochastic Dominance................. 727 730 734 738 742 746 748 9.7 9.8 9.9 9.10 9.11 9.12 9.13 The St. Petersburg Paradox......................................................................... Cardinality of VNM Utility.......................................................................... Insurance..................................................................................................... Actuarially Fair Insurance and Risk Premium............................................ Unfair Insurance.......................................................................................... Measuring Risk Aversion: Arrow-Pratt...................................................... Global Comparison of Risk Aversion.......................................................... 749 750 752 753 755 757 759
XVIII Contents 9.14 Decreasing Absolute Bisk Aversion............................................................ 760 9.15 9.16 Relative Risk Aversion.................................................................................. 761 An Application of Arrow-Pratt: Efficient Risk Pooling in Absence 9.17 9.16 ofWealth Effects........................................................................................... 763 Diversification.............................................................................................. 767 Consumption and Saving Under Uncertainty............................................ 768 9.19 Firm Behaviour Under Uncertainty............................................................ 769 9.20 Portfolio Selection: Two Assets................................................................... 771 9.21 9.22 9.23 Portfolio Selection: Many Assets.Tobin..................................................... 776 State-Dependent Utility.............................................................................. 782 Subjective Expected Utility......................................................................... 784 9.24 9.25 Risk or Uncertainty?..................................................................................... 787 Non-expected Utility: Allais’ Paradox, Prospect Theory, Ellsberg s 9.26 Paradox......................................................................................................... 790 Reducing Uncertainty Through More Information. Satisficing. 9.27 Informational
Cascades.............................................................................. 796 Uncertainty and General Equilibrium in Traditional Marginalist 9.28 9.29 9.30 Authors......................................................................................................... Contingent Commodities........................................................................... Equilibrium with Contingent Commodities.............................................. Rådner Equilibrium (EPPPE)....................................................................... 9.31 932 9.33 801 804 811 814 Incomplete Markets..................................................................................... 817 Conclusion. Final Considerations on the Supply-And-Demand Approach..................................................................................................... 821 Review Questions and Exercises............................................................... 823 References................................................................................................................. 829 10 10.1 Back to Long-Period Prices................................................................. 831 The Gravitation to Long-Period Prices in the History of Economic Theory, and Some Empirical Evidence........................................................ 833 10.2 10.3 10.4 Objections to the Uniform Rate of Profit................................................... 839 TheTraditional Explanation....................................................................... 842 Cross-Dual
Models....................................................................................... 844 10.5 10.6 The Possibility of a High Price and a Low Profit Rate................................ 851 Joint Production and Sraffa........................................................................ 853 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 Graphical Representation: Single Production............................................ Graphical Representation: Joint Production............................................. ChoiceofTechniqueas a Linear Programming Problem........................... Piccionl s Contribution................................................................................ No Gravitation to a Definite Technique?.................................................... Extensive Rent............................................................................................. Intensive Rent............................................................................................. External Intensive Rent; Rent Due to Consumer Demand........................ 10.15 10.16 Given Quantities?......................................................................................... 904 Constant Returns to Scale?......................................................................... 906 10.17 Lack of Consistency?................................................................................... 911 858 865 870 879 885 889 895 902
XIX Contents 10.18 Conclusions................................................................................................. 913 10.19 Review Questions and Exercises................................................................ 913 References................................................................................................................. 916 11 11.1 Gamesand Information........................................................................ 919 Introduction, and Some Examples of One-Shot Simultaneous Games.......................................................................................................... 921 11.2 Sequential or Dynamic Games................................................................... 925 Ո.Յ Extensive and Strategic (or Normal) Form................................................ 929 11.4 Mixed Strategies......................................................................................... 931 11.5 Behavioural Strategies............................................................................... 933 11.6 Solutions. Elimination of Strictly Dominated Strategies. Some Doubts .............................................................................................. 935 11.7 Weakly Dominated Strategies, Dominance Solvable Games................... 939 11.8 Dominated Mixed Strategies..................................................................... 941 11.9 Nash Equilibrium in Pure Strategies......................................................... 942 11.10 Nash Equilibria in Mixed
Strategies........................................................... 943 11.11 Existence of Nash Equilibrium. The Reasons for Interest in Nash Equilibria..................................................................................................... 944 11.12 Trembling-Hand Equilibria........................................................................ 950 11.13 BackwardlnductionandSubgamePerfection........................................ 951 11.14 Repeated Backward Induction and the Centipede Game........................ 954 11.15 Infinitely Repeated Games........................................................................ 957 11.16 Finitely Repeated Games............................................................................ 962 11.17 Bayesian Games......................................................................................... 963 11.18 Auctions as Bayesian Games. Revenue Equivalence Theorem. Winner s Curse............................................................................................ 970 11.19 Dynamic Games of Imperfect Information............................................... 976 11.20 Sequential Rationality, Behavioural Strategies, Perfect Bayesian Equilibrium (PBE)......................................................................................... 978 11.21 Limits of Perfect Bayesian Equilibrium. Sequential Equilibrium............. 983 11.22 Asymmetric Information. Signalling Games. Separating and Pooling Equilibria................................................................................. 985 11.23 Adverse
Selection....................................................................................... 994 11.24 Principal-agent Models............................................................................. 996 11.25 Screening................................................................................................ 1003 11.26 Conclusions............................................................................................ 1008 11.27 Review Questions and Exercises............................................................. 1008 References................................................................................................................ 1019 12 12.1 12.2 12.3 12.4 Product Markets: Pricing, Capacity» Investment, Imperfect Competition........................................................................................... Introduction............................................................................................ Two Types of Markets. Primary Products............................................... Administered Prices and Capacity Utilization....................................... Unused Capacity...................................................................................... 1021 1023 1024 Ю27 Ю29
XX Contents 12.5 Time-Specific Input Prices......................................................................... 1030 12.6 12.7 12.7.1 Demand Variations................................................................................... The investment Decision of Firms........................................................... Neoclassical Investment Theory Without Full Labour Employment....... 1035 1041 1041 12.7.2 The Array-of-Opportunities Approach.................................................... 1Q46 12.7.3 12.7.4 12.7.5 12.8 The Adjustment Costs Approach.............................................................. investment Determined by Profits?........................................................... Investment and Sales Prospects................................................................ Administered Prices, Differentiated Products, and Competition........ 1050 1052 1060 1062 12.9 Full-Cost Pricing....................................................................................... 1063 12.10 12.11 Monopoly.................................................................................................... Monopolistic Competition Versus Full-Cost Pricing................................ 1067 1073 12.12 Duopoly....................................................................................................... 1079 12.12.1 Cournot Duopoly............................................................................................ 1079 12.12.2 Conjectural Variations.................................................................................
1086 12.12.3 Stackelberg (Quantity Leadership)............................................................. 1086 12.12.4 Price Leadership......................................................................................... 1089 12.12.5 Bertrand....................................................................................................... 1090 12.12.6 Bertrand-Edgeworth.................................................................................... 1092 12.12.7 Capacity Constraints and Bertrand Competition........................................ 1094 12.12.8 Differentiated Products and Bertrand Versus Cournot Competition .... 1095 12.12.9 Price Matching andthe Kinked Demand Curve.......................................... 1096 12.13 Repeated Interaction, Cartels, Tacit Collusion, Folk Theorems.............. 1093 12.14 Entry........................................................................................................... 1102 12.15 Conclusions................................................................................................ 1109 12.16 Review Questions and Exercises................................................................ 1110 References.............................................................................................................. 1113 13 13.1 Labour Markets and Income Distribution...................................... Introductory............................................................................................... 1115 1117 13.2 The labour Demand Curve is
Indeterminable.......................................... 13.3 Search Theory............................................................................................ 13.4 Implicit Contracts....................................................................................... 13.5 Insiders-Outsiders..................................................................................... 13.6 EfficiencyWages........................................................................................ 136.1 FiveVersions................................................................................................ 13.6.2 Adverse Selection....................................................................................... 13.6.3 Turnover Costs............................................................................................ 13.6.4 Shirking ...................................................................................................... 1118 1127 1140 1143 1146 1146 1149 1150 1152 13.6.5 Gift Exchange, Fairness, Morale................................................................. 13.7 TradeUnions.............................................................................................. 13.8 The Solow or Solow-Hahn Approach........................................................ 13.9 Long-Period Theories of Wages:Four Approaches. The Cambridge School......................................................................................................... 13.10 The Kaleckian Approach........................................................................... 13.11
The Classical-Marxian Approach. Goodwin. Investment....................... 1164 1165 1180 1188 1200 1202
XXI Contents 13.12 Pivetti....................................................................................................... 13.13 Concluding on Real Wages..................................................................... 13.14 Review Questions and Exercises............................................................ References............................................................................................................. 1214 1216 1220 1223 14 Welfare, Externalities, Public Goods and Happiness............... 14.1 Introductory............................................................................................ 14.2 ParetoEfficiencyandValueJudgements............................................... 14.3 Externalities............................................................................................ 14.3.1 The Coase Theorem................................................................................. 14.3.2 Production Externalities.......................................................................... 14.3.3 Pollution Rights....................................................................................... 14.3.4 Network Externalities and the Internet.................................................... 14.3.5 The Tragedy of the Commons................................................................. 14.3.6 Urban Segregation.................................................................................. 14.4 PublicGoods........................................................................................... 14.4.1 Non-rival
Goods and Non-exdudable Goods.......................................... 14.4.2 When to Get an indivisible PublicGoods................................................. 14.4.3 What Quantity of a Divisible Public Good?............................................. 14.4.4 Lindahl Equilibrium ................................................................................ 14.5 The Groves-Clarke Mechanism.............................................................. 14.6 The Fundamental Theorems of Welfare Economics.............................. 14.6.1 Does Competition Produce Pareto Efficiency?......................................... 14.6.2 The First Fundamental Theorem............................................................. 14.6.3 The Second Fundamental Theorem....................................................... 14.7 Some Generally Accepted Limitations of theTwo Fundamental Theorems................................................................................................. 14.8 Pareto Efficiency: A Non-neodassical Perspective................................ 14.9 Cost-Benefit Analysis and the Compensation Principle...................... 1227 1229 1230 1234 1234 1236 1241 1241 1246 1248 1249 1249 1250 1251 1254 1255 1258 1258 1260 1265 14.10 14.11 14.12 Cost-benefit Analysis Run Amok........................................................... Social Welfare Functions........................................................................ Three Applications of Social Welfare Functions................................... 1287 1292 1301 14.13 Arrow s Impossibility
Theorem.............................................................. 14.14 Happiness, and Externalities Again........................................................ 14.15 Conclusions............................................................................................ 14.16 Review Questions and Exercises............................................................ References............................................................................................................. 1305 1322 1330 1330 1334 15 15.1 1337 15.2 15.3 15.4 15.5 Mathematical Review........................................................................ Sets, Relations, Functions, Convexity, Convex Combination of Vectors..................................................................................................... Logic: If, Only if, Contrapositive, Proof by Contradiction, Connection with Subsets............................................................................................ Vectors, Matrices, Hyperplanes. Definite Matrices................................ Analysis................................................................................................... Correspondences.................................................................................... 1271 ¡277 1281 1338 1342 1343 1353 1364
XXII Contents 15.6 15.7 Optimization............................................................................................. Linear Programming and Duality............................................................ 1366 1381 15.8 Complex Numbers.................................................................................... 1382 15.9 15.10 Integrals..................................................................................................... Probability and Statistics........................................................................ 1384 1385 15.11 Poisson Process......................................................................................... 1391 References............................................................................................................... 1394
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Contents 1 The Classical or Surplus Approach. 1 1.1 1.2 1.3 1.3.1 AVery Brief Historical Introduction. Social Surplus and Income Distribution. Income Distribution, Wages. The General Wage Level. 3 6 12 12 1.3.2 1.4 RelativeWages. The Other Data in the Determination of the Surplus. 18 19 1.4.1 1.4.2 1.5 1.5.1 1.5.2 1.6 1.7 1.3 1.9 1.9.1 Quantities. Technology. Land Rent. Extensive Differential Rent. Intensive Differential Rent. Rate of Profit and Relative Prices. Corn Model, Luxury Goods, the Decreasing w(r)Function. The LabourTheoryofValue.
Marx. Values, Surplus Values, Value of Labour Power. 19 20 24 24 26 30 36 39 46 46 1.9.2 1.9.3 1.10 1.11 The Determination of the Rate of Profit. A Mistake In Marx's Determination of the Rate of Profit. The Marxist Tradition. The Standard Commodity as the'average’ Commodity Marx Was 48 51 52 1.12 1.12.1 1.12.2 1.12.3 Looking For. MoreonMarx. Wages. Quantities. Growth, Technical Change, the'law'of the Tendency of the Rate 57 59 59 62 1.12.4 1.13 1.14 1.14.1 1.14.2 1.14.3 1.14.4 of Profit to Fall. MarxandtheFuture of Capitalism. 'Core'and Out-of-Core'Analyses In the SurplusApproach. A Modern View of the Determinants of Aggregate Production. Going Beyond Marxon What Determines
Aggregate Production. The Principle of Effective Demand. The Dynamic Multiplier. The Adaptability of Production to Demand. 64 69 71 73 73 75 81 83 1.15 Conclusions. 1.16 Review Questions and Exercises. References. 85 85 88 2 2.1 2.2 2.3 Long-Period Prices. 91 Long-Period Prices: Matrix Representation. 93 Eigenvalues and the Perron-Frobenius Theorem. 96 Applying Perron-Frobenius.TheStandardCommodlty. 100
Contents 2.4 Non-bask Commodities. 1°5 2.5 2.6 2.7 2.8 2.9 2.10 Leonttef’s Open Model. The Hawkins-Simon Condition. The Interpretation oí the Leontief inverse. Subsystems; Labours Embodied as Employment Multipliers. pricing with Vertically Integrated Technical Coefficients. The Relationship Between Rateof Profitand RateofWages. 2.11 2.12 2.13 2.14 Choice ofTechnique. Non-basics and Choice of Techniques. Techniques Including DifferentCommodities. TheSamuelson-Garegnani Model and the Champagne-Whiskey Model. 119 127 129 2.15 Fixed Capital. 2.16 Conclusions. 2.17 Review Questionsand Exercises.
References. 137 H7 148 151 3 3.1 3.2 109 109 110 112 112 130 Introduction to the Marginal Approach. 153 Introduction. 156 Equilibrium and Gravitation. 157 3.3 The Labour-Land-Corn Economy·. Direct (or Technological) Factor Substitutability. Production Functions, Isoquants and Marginal Products. Factor Demand Curves, Cost Function and Equilibrium in Factor Markets. 3.3.3 Importance of Factor Substitutability. 3.3 4 Comparative Statics. 3.4 The Role of Consumer Choice;The Indirect Factor Substitution Mechanism. 3.5 The Simultaneous Operation of Both Substitution Mechanisms, andthelmportanceofHighlyElasticFactorDemandCurves. 3.6 Money. 3.7 Efficiency, the Forest Exchange Economy, Choice Curves and
Equilibrium in the Edgeworth Box. 3.7.1 Elements of Consumer Theory: Utility Function, indifference Curves, MRS. 3.7.2 Exchange Economy, Edgewort Box, Pareto Efficiency. 3.8 Pareto Efficiency in the Production Economy. Marginal Cost. 3.9 Robinson Crusoe and Market Valuation as Reflecting'Natural'Laws. 3.10 Introduction of the Rate of Interest and of Capital in the Marginálist Theory of Distribution. 3.10.1 The Rate of Interest in the Exchange Economy. 3.3.1 3.3-2 3.10.2 3.10.3 3.11 3.12 The Rate of Interest in the Corn Economy. Capital and the Indirect Factor Substitution Mechanism. Money and the Rate of Interest. Accumulation. 159 159 163 174 175 177 180 184 185 185 190 196 206 209 209 211 213 217 218
XIII Contents 3.13 A Comparison Between the Classical and the Marginal Approaches to Income Distribution·. The Basic Analytical Difference and Some 3.13.1 3.13.2 Implications. 219 The Different Data When Determining the Rate of Return on Capital. 219 The Role of Social and Political Elements. Competition in Labour Markets . 222 3.13.3 3.13.4 3.14 Exploitation?. 224 Technical Progress, Relative Wages, Unequal Exchange. 226 Intensive Differential Rentând theMarginal Approach. 228 3.15 Final Elements of Differentiation: Supply of Capital, Say's Law.236 3.16 3.17 Conclusion. 240 Review Questions and Exercises. 241 References. 245 4 4.1 4.2 Consumers and the Exchange Economy. Introduction. The Consumption Set, Time and the Role of Equilibrium. 4.3 4.4 Preferences and Utility. Convex Preferences, Quasi-Concave Utility, Typical
Indifference 4.5 4.6 Optimization . Demand, Continuity and Upper Hemicontinuity of Correspondences. The Two-Goods Exchange Economy and the Importance of Continuity of Demand. First-Order Conditions. Corner Solutions. The Kuhn-Tucker Theorem. Envelope Theorem. 4.7 4.8 4.9 4.10 4.11 Indirect Utility,Expenditure Function,Compensated Demand . Roy's Identity, Shephard's Lemma, Some Dualities and Some Utility Functions. 4.11.1 4.11.2 4.11.3 4.11.4 4.11.5 4.12 4.13 Roy's Identity and Shephard's Lemma. Homothetic Utility Functions and Homothetlc Preferences. Quasi-Unear Utility. The Cobb-Douglas Utility Function and the Elasticity of Substitution . The CES Utility Function. The Slutsky Equation. Given Endowments: The Walrasian UMP, The Walrasian Slutsky
Equation. Labour Supply. Saving Decision. 4.14 4.15 Some Notes on the Usefulness of Consumer Theory for Empirical Estimation. 4.16 Money Metric Utility Function, Equivalent Variation, Compensating Variation. Constant Marginal Utility of Money. Consumer Surplus. Reservation Prices. Price Indices and Inflation. 4.17 4.18 247 272 280 310 313 319 324
Contents 4.19 4.20 Hicksian Aggregability of Goods. 326 Revealed Preference. 328 4.21 Aggregability of Consumers: Gorman Aggregability and the Representative Consumer. 333 4.22 General Equilibrium of Pure Exchange. Aggregability of Consumers. 337 4.23 Aggregate or Market Demand and the Weak Axiom of Revealed 4.24 4.25 Preference. 341 Conclusions. 344 Review Questions and Exercises. 344 References. 351 5 Firms, Partial Equilibria and the General Equilibrium with 5.1 5.2 5.3 Production. Introduction. Production Possibility Sets, Netputs, Production Functions. Axioms on the Production Possibility Set. 353 356 357 364 5.4 5.5 5.6 Returns to Scale.
365 Differentiable Production Functions and Value Capital. 368 Homogeneous Production Functions and Returns to Scale. 369 5.7 5.8 5.9 5.10 5.11 Activity Analysis. Marginal Product, Transformation Curve. Profit Maximization and WAPM. Optimal Employment of a Factor. Cost Minimization. 372 373 376 378 379 5Л2 WACm:Kuhn-TuckerConditionsandCostMinimization. 382 5.13 Supply Curves: Short-Period Marshallian Analysis, Quasi-Rents. 384 5.14 From Short-Period to Long-Period Supply. 388 5.15 The Product Exhaustion Theorem with U-Shaped LAC. 393 5.16 Aggregation. 394 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.25 5.26 5.27 Shephard's Lemma. The Profit Function and Hotelling's Lemma. Conditional and Unconditional Factor Demands, Inferior Inputs, Rival Inputs, Substitution Effect and Output Effect. Functional Separability: Leontief
Separability. Duality. Elasticity of Substitution. Partial Equilibrium. Stability of Partial Equilibria. Welfare Analysis of Partial Equilibria. Price Taking, Perfect Competition, Tâtonnement. The Number of Firms In Modern GE. 395 395 397 402 403 404 405 408 409 413 419 5.28 The Equations of the Non-capitalistic Generai Equilibrium with Production. 423 5.29 5.30 The'Reduction'to an Exchange Economy. 427 The Role of Demand in Determining Product Prices: Why General Equilibrium Product Supply Curves Are Upward Sloping. 429
XV Contents 5.31 International Trade. 5.32 On the Persistency of Preferences. Doing Without Demand Curves?. 5.33 Conclusions. 5.34 ReviewQuestlonsand Exercises. References. 430 433 437 438 441 6 Existence, Uniqueness and Stability of Non-capitalistic General Equilibria. 443 6.1 6.2 Introduction.The Exchange Economy. Existence: Properties of the Market Excess Demand Correspondence. Continuity: Non-strictly Convex Preferences. Continuity: Non-convexConsumption Sets. Continuity: Survival. Continuity:The Zero-Income Problem. Continuity: Survival Again and Subsistence. Existence of General Equilibrium of Exchange: A Simple New Proof . Brouwer's Fixed-Point Theorem. 6.3 6.4 6.5
6.6 6.7 6.8 6.9 6.10 6.11 446 447 450 453 456 458 460 463 465 Existence of Exchange Equilibrium with Strongly Monotonie Preferences. 466 Uniqueness: The Non-uniqueness of Equilibrium in General. Possibility of Several Locally Stable Equilibria. 469 6.12 6.13 6.14 Uniqueness: Regular Economies. 471 The Sonnenschein-Mantel-Debreu Result. 474 Uniqueness Through Conditions on Excess Demand: Gross 6.15 6.16 6.17 Substitutes. Uniqueness Through Conditions on Excess Demand: WAM. Uniqueness: No-Trade Equilibrium and Index Theorem. Conditions on the Distribution of Characteristics. 475 478 481 482 6.18 6.19 6.20 6.21 Stability: The Cobweb. Stability. The Samuelsonian Walrasian Tâtonnement. Stability: Some Mathematics and the WAMTheorem. Stability: Further Aspects ofthe Problem. 483 485 488 492 6.22 6.23 6.24 6.25 On the Likelihood of Uniqueness and Stability.
Production. ExistenceofaGEofProductionandExchange . Uniqueness of the Production Equilibrium. 494 498 499 502 6.26 6.27 WAM and the Hildenbrand-Grodal Observation. 509 Gross Substitutability not Sufficient for Uniqueness. 511 6.28 6.29 6.30 Stability: The Tâtonnement in the Production Economy. 512 Mandler’s FactorTåtonnement. 515 Again on the Likelihood of Uniqueness and Stability. 518 6.31 Conclusions. 523 6.32 ReviewQuestionsand Exercises. 523 References. 527
XVI Contents 7 Capital: Long-Period Equilibria. 529 7.1 7.2 The Notion of Long-Period Equilibrium. 531 The Endogenous Determination of Equilibrium Capital 7.3 7Λ 7.5 Endowments. 534 The Equations of Long-Period General Equilibrium. 539 The Quantity of Capital: Suppiy-Side Problems. 548 The Quantity of Capital: Demand-Side Problems. Demand for 7.6 'eapital’andlnvestment. 551 Re-switching and Reverse Capital Deepening. 558 7.7 7.8 7.9 More on Reverse Capital Deepening. Price Wicksell Effects. 563 Stationary States and Hicks'Criticism of Long-Period Prices. 569 The’Austrian'Approach. 572 7.10 On Substitutability in Modern and In Traditional Production Functions. Aggregate Production Functions. 'Surrogate Production Functions'in a Non-Neoclassical Economy. Endogenously Determined Marginal Products. Perception of the Difficulties with‘Capital’, and Shift Back to
Walras—or Almost. Conclusions. 7.11 7.12 7.13 7.14 575 579 587 591 595 7.15 Review Questions and Exercises. 596 References. 599 8 8.1 8.2 Intertemporal Equilibrium,Temporary Equilibrium. 601 Introduction. 605 The Intertemporal Reinterpretation of the Non-capitalistic 8.3 8.4 Atemporal Model. 606 Postponing to Chapter 9 on Uncertainty. 609 The Consumer's Intertemporal Utility Function. 609 8.5 8.6 8.7 8.8 Meaning of Prices; Own Rates of Interest. Production. The Reinterpretation Should not Hide a Difference. Different Own Rates of Interest and Effective Uniformity of Rates of Return. 8.9 8.10 Uniform Effective Rate of Return Versus Long-Period Uniform Rate
Of Profit. 618 UERRSP and URRSP. 619 8.11 8.12 8.13 8.14 Rådner Sequential Equilibria (Without Uncertainty). Existence, Uniqueness, Stability. Really On!y a Reinterpretation? Some First Problems. Money. 8.15 611 612 615 616 620 622 623 625 impermanence Problem, Price-Change Problem, Substitutability Problem. 627 8.16 The Savings-investment Problem. 632 8.16.1 The'Further Assumption'. 632
XVII Contents 8.16.2 The Difference It Makes to Assume or Not the 'Further Assumption՛. 635 8.16.3 The Neoclassical Synthesis. 640 8.17 8.17.1 Equilibrium Overthe Infinite Future. 641 The One-Good Growth Model. 641 8.17.2 8.18 8.19 8.20 8.21 8.22 The Old Problems Remain, Plus a New One. Behind the Neoclassical Reliance on intertemporal Equilibria. Overlapping Generations. Multiple OLG Equilibria. The Core of Allocations in the Neoclassical Economy. The Core Equivalence Theorem is not Valid forOLG Economies. 648 650 652 656 661 668 8.23 8.24 8.25 8.26 8.26.1 8.26.2 8.26.3 8.26.4 8.27 8.27.1 8.27.2 8.28 8.28.1 8.28.2 A Continuum of Equilibria in OLG Models. Summing Up on OLG Models. Temporary Equilibria. An Informal Presentation of Some Problems. An Introductory Pure-Exchange Model. General Description of the Exchange Economy. A More Detailed Description of the Household's
Behaviour. Problems with the Introductory Model. A Perplexing Aspect of Green's Equilibrium. Extension to the Case of Economies with Production. The Extended Model. Discussion of the Extended Model. Temporary Equilibrium in Economies with 'Money'. Introduction ofMoney. ExistenceofMonetaryEquilibrium. 669 675 677 679 679 680 685 689 691 691 697 702 702 707 8.28.3 Some Doubts on Grandmonťs Characterization of the Function ofMoney. 713 Conclusions on the Marginal/Neoclassical Approach, with Special Emphasis on the Labour Demand Curve and on the Investment 8.29 8.30 Function. 714 ReviewQuestionsand Exercises. 718 References. 723 9 9.1 9.2 9.3 9.4 9.5 9.6 Uncertainty and General
Equilibrium. Lotteries and Expected Utility. Axioms for Expected Utility. Existence of Expected Utility. Risk Aversion and Prospects. Risk Aversion and Convexity of Expected Utility. Comparing the Riskiness of Lotteries: Stochastic Dominance. 727 730 734 738 742 746 748 9.7 9.8 9.9 9.10 9.11 9.12 9.13 The St. Petersburg Paradox. Cardinality of VNM Utility. Insurance. Actuarially Fair Insurance and Risk Premium. Unfair Insurance. Measuring Risk Aversion: Arrow-Pratt. Global Comparison of Risk Aversion. 749 750 752 753 755 757 759
XVIII Contents 9.14 Decreasing Absolute Bisk Aversion. 760 9.15 9.16 Relative Risk Aversion. 761 An Application of Arrow-Pratt: Efficient Risk Pooling in Absence 9.17 9.16 ofWealth Effects. 763 Diversification. 767 Consumption and Saving Under Uncertainty. 768 9.19 Firm Behaviour Under Uncertainty. 769 9.20 Portfolio Selection: Two Assets. 771 9.21 9.22 9.23 Portfolio Selection: Many Assets.Tobin. 776 State-Dependent Utility. 782 Subjective Expected Utility. 784 9.24 9.25 Risk or Uncertainty?. 787 Non-expected Utility: Allais’ Paradox, Prospect Theory, Ellsberg's 9.26 Paradox. 790 Reducing Uncertainty Through More Information. Satisficing. 9.27 Informational
Cascades. 796 Uncertainty and General Equilibrium in Traditional Marginalist 9.28 9.29 9.30 Authors. Contingent Commodities. Equilibrium with Contingent Commodities. Rådner Equilibrium (EPPPE). 9.31 932 9.33 801 804 811 814 Incomplete Markets. 817 Conclusion. Final Considerations on the Supply-And-Demand Approach. 821 Review Questions and Exercises. 823 References. 829 10 10.1 Back to Long-Period Prices. 831 The Gravitation to Long-Period Prices in the History of Economic Theory, and Some Empirical Evidence. 833 10.2 10.3 10.4 Objections to the Uniform Rate of Profit. 839 TheTraditional Explanation. 842 Cross-Dual
Models. 844 10.5 10.6 The Possibility of a High Price and a Low Profit Rate. 851 Joint Production and Sraffa. 853 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 Graphical Representation: Single Production. Graphical Representation: Joint Production. ChoiceofTechniqueas a Linear Programming Problem. Piccionl's Contribution. No Gravitation to a Definite Technique?. Extensive Rent. Intensive Rent. External Intensive Rent; Rent Due to Consumer Demand. 10.15 10.16 Given Quantities?. 904 Constant Returns to Scale?. 906 10.17 Lack of Consistency?. 911 858 865 870 879 885 889 895 902
XIX Contents 10.18 Conclusions. 913 10.19 Review Questions and Exercises. 913 References. 916 11 11.1 Gamesand Information. 919 Introduction, and Some Examples of One-Shot Simultaneous Games. 921 11.2 Sequential or Dynamic Games. 925 Ո.Յ Extensive and Strategic (or Normal) Form. 929 11.4 Mixed Strategies. 931 11.5 Behavioural Strategies. 933 11.6 Solutions. Elimination of Strictly Dominated Strategies. Some Doubts . 935 11.7 Weakly Dominated Strategies, Dominance Solvable Games. 939 11.8 Dominated Mixed Strategies. 941 11.9 Nash Equilibrium in Pure Strategies. 942 11.10 Nash Equilibria in Mixed
Strategies. 943 11.11 Existence of Nash Equilibrium. The Reasons for Interest in Nash Equilibria. 944 11.12 Trembling-Hand Equilibria. 950 11.13 BackwardlnductionandSubgamePerfection. 951 11.14 Repeated Backward Induction and the Centipede Game. 954 11.15 Infinitely Repeated Games. 957 11.16 Finitely Repeated Games. 962 11.17 Bayesian Games. 963 11.18 Auctions as Bayesian Games. Revenue Equivalence Theorem. Winner's Curse. 970 11.19 Dynamic Games of Imperfect Information. 976 11.20 Sequential Rationality, Behavioural Strategies, Perfect Bayesian Equilibrium (PBE). 978 11.21 Limits of Perfect Bayesian Equilibrium. Sequential Equilibrium. 983 11.22 Asymmetric Information. Signalling Games. Separating and Pooling Equilibria. 985 11.23 Adverse
Selection. 994 11.24 Principal-agent Models. 996 11.25 Screening. 1003 11.26 Conclusions. 1008 11.27 Review Questions and Exercises. 1008 References. 1019 12 12.1 12.2 12.3 12.4 Product Markets: Pricing, Capacity» Investment, Imperfect Competition. Introduction. Two Types of Markets. Primary Products. Administered Prices and Capacity Utilization. Unused Capacity. 1021 1023 1024 Ю27 Ю29
XX Contents 12.5 Time-Specific Input Prices. 1030 12.6 12.7 12.7.1 Demand Variations. The investment Decision of Firms. Neoclassical Investment Theory Without Full Labour Employment. 1035 1041 1041 12.7.2 The 'Array-of-Opportunities' Approach. 1Q46 12.7.3 12.7.4 12.7.5 12.8 The Adjustment Costs Approach. investment Determined by Profits?. Investment and Sales Prospects. Administered Prices, Differentiated Products, and Competition. 1050 1052 1060 1062 12.9 Full-Cost Pricing. 1063 12.10 12.11 Monopoly. Monopolistic Competition Versus Full-Cost Pricing. 1067 1073 12.12 Duopoly. 1079 12.12.1 Cournot Duopoly. 1079 12.12.2 Conjectural Variations.
1086 12.12.3 Stackelberg (Quantity Leadership). 1086 12.12.4 Price Leadership. 1089 12.12.5 Bertrand. 1090 12.12.6 Bertrand-Edgeworth. 1092 12.12.7 Capacity Constraints and Bertrand Competition. 1094 12.12.8 Differentiated Products and Bertrand Versus Cournot Competition . 1095 12.12.9 Price Matching andthe Kinked Demand Curve. 1096 12.13 Repeated Interaction, Cartels, Tacit Collusion, Folk Theorems. 1093 12.14 Entry. 1102 12.15 Conclusions. 1109 12.16 Review Questions and Exercises. 1110 References. 1113 13 13.1 Labour Markets and Income Distribution. Introductory. 1115 1117 13.2 The labour Demand Curve is
Indeterminable. 13.3 Search Theory. 13.4 Implicit Contracts. 13.5 Insiders-Outsiders. 13.6 EfficiencyWages. 136.1 FiveVersions. 13.6.2 Adverse Selection. 13.6.3 Turnover Costs. 13.6.4 Shirking . 1118 1127 1140 1143 1146 1146 1149 1150 1152 13.6.5 Gift Exchange, Fairness, Morale. 13.7 TradeUnions. 13.8 The Solow or Solow-Hahn Approach. 13.9 Long-Period Theories of Wages:Four Approaches. The Cambridge School. 13.10 The Kaleckian Approach. 13.11
The Classical-Marxian Approach. Goodwin. Investment. 1164 1165 1180 1188 1200 1202
XXI Contents 13.12 Pivetti. 13.13 Concluding on Real Wages. 13.14 Review Questions and Exercises. References. 1214 1216 1220 1223 14 Welfare, Externalities, Public Goods and Happiness. 14.1 Introductory. 14.2 ParetoEfficiencyandValueJudgements. 14.3 Externalities. 14.3.1 The Coase Theorem. 14.3.2 Production Externalities. 14.3.3 Pollution Rights. 14.3.4 Network Externalities and the Internet. 14.3.5 The Tragedy of the Commons. 14.3.6 Urban Segregation. 14.4 PublicGoods. 14.4.1 Non-rival
Goods and Non-exdudable Goods. 14.4.2 When to Get an indivisible PublicGoods. 14.4.3 What Quantity of a Divisible Public Good?. 14.4.4 Lindahl Equilibrium . 14.5 The Groves-Clarke Mechanism. 14.6 The Fundamental Theorems of Welfare Economics. 14.6.1 Does Competition Produce Pareto Efficiency?. 14.6.2 The First Fundamental Theorem. 14.6.3 The Second Fundamental Theorem. 14.7 Some Generally Accepted Limitations of theTwo Fundamental Theorems. 14.8 Pareto Efficiency: A Non-neodassical Perspective. 14.9 Cost-Benefit Analysis and the Compensation Principle. 1227 1229 1230 1234 1234 1236 1241 1241 1246 1248 1249 1249 1250 1251 1254 1255 1258 1258 1260 1265 14.10 14.11 14.12 Cost-benefit Analysis Run Amok. Social Welfare Functions. Three Applications of Social Welfare Functions. 1287 1292 1301 14.13 Arrow's Impossibility
Theorem. 14.14 Happiness, and Externalities Again. 14.15 Conclusions. 14.16 Review Questions and Exercises. References. 1305 1322 1330 1330 1334 15 15.1 1337 15.2 15.3 15.4 15.5 Mathematical Review. Sets, Relations, Functions, Convexity, Convex Combination of Vectors. Logic: If, Only if, Contrapositive, Proof by Contradiction, Connection with Subsets. Vectors, Matrices, Hyperplanes. Definite Matrices. Analysis. Correspondences. 1271 ¡277 1281 1338 1342 1343 1353 1364
XXII Contents 15.6 15.7 Optimization. Linear Programming and Duality. 1366 1381 15.8 Complex Numbers. 1382 15.9 15.10 Integrals. Probability and Statistics. 1384 1385 15.11 Poisson Process. 1391 References. 1394 |
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| series2 | Classroom Companion: Economics |
| spelling | Petri, Fabio Verfasser aut Microeconomics for the critical mind mainstream and heterodox analyses Fabio Petri Cham Springer [2021] txt rdacontent n rdamedia nc rdacarrier Classroom Companion: Economics 2662-2882 Microeconomics History of Economic Thought/Methodology Heterodox Economics Economic history Schools of economics Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 s DE-604 Erscheint auch als Online-Ausgabe 978-3-030-62070-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032838278&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Petri, Fabio Microeconomics for the critical mind mainstream and heterodox analyses Microeconomics History of Economic Thought/Methodology Heterodox Economics Economic history Schools of economics Mikroökonomie (DE-588)4039225-9 gnd |
| subject_GND | (DE-588)4039225-9 |
| title | Microeconomics for the critical mind mainstream and heterodox analyses |
| title_auth | Microeconomics for the critical mind mainstream and heterodox analyses |
| title_exact_search | Microeconomics for the critical mind mainstream and heterodox analyses |
| title_exact_search_txtP | Microeconomics for the critical mind mainstream and heterodox analyses |
| title_full | Microeconomics for the critical mind mainstream and heterodox analyses Fabio Petri |
| title_fullStr | Microeconomics for the critical mind mainstream and heterodox analyses Fabio Petri |
| title_full_unstemmed | Microeconomics for the critical mind mainstream and heterodox analyses Fabio Petri |
| title_short | Microeconomics for the critical mind |
| title_sort | microeconomics for the critical mind mainstream and heterodox analyses |
| title_sub | mainstream and heterodox analyses |
| topic | Microeconomics History of Economic Thought/Methodology Heterodox Economics Economic history Schools of economics Mikroökonomie (DE-588)4039225-9 gnd |
| topic_facet | Microeconomics History of Economic Thought/Methodology Heterodox Economics Economic history Schools of economics Mikroökonomie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032838278&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT petrifabio microeconomicsforthecriticalmindmainstreamandheterodoxanalyses |