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1、Chapter Nine,Buying and Selling购买和销售,Structure,Endowments（禀赋）Budget constraints with endowmentsNet demandsPrice offer curveExample:Labor supplyComparative staticsSlutsky equation revisited,Buying and Selling,Trade involves exchange-when something is bought something else must be sold.What will be bo
2、ught?What will be sold?Who will be a buyer?Who will be a seller?,Buying and Selling,And how are incomes generated?How does the value of income depend upon commodity prices?How can we put all this together to explain better how price changes affect demands?,Endowments,The list of resource units with
3、which a consumer starts is his endowment（禀赋）.A consumers endowment will be denoted by the vector(omega).,Endowments,E.g.states that the consumer is endowed with 10 units of good 1 and 2 units of good 2.What is the endowments value?For which consumption bundles may it be exchanged?,Endowments,p1=2 an
4、d p2=3 so the value of the endowment isQ:For which consumption bundles may the endowment be exchanged?A:For any bundle costing no more than the endowments value.,Budget Constraints Revisited,So,given p1 and p2,the budget constraint for a consumer with an endowment isThe budget set is,Budget Constrai
5、nts Revisited,x2,x1,w1,w2,Budget Constraints Revisited,x2,x1,w1,w2,Budget set,Changing Endowments,x2,x1,(w1,w2),(w1”,w2”),(w1,w2),Changing the endowment,Changing Prices,x2,x1,w1,w2,Changing prices of the endowment,Changing Prices,x2,x1,w1,w2,Budget set,Changing Prices,x2,x1,w1,w2,The endowment point
6、 is always on the budget constraint.,So price changes pivot theconstraint about the endowment point.,Net Demand,The constraintisThat is,the sum of the values of a consumers net demands（净需求）is zero.,Net Demands,Suppose and p1=2,p2=3.Then the constraint is If the consumer gross demands(毛需求）(x1*,x2*)=(
7、7,4),then 3 good 1 units exchange for 2 good 2 units.Net demands are x1*-w1=7-10=-3 andx2*-w2=4-2=+2.,Net Demands,p1=2,p2=3,x1*-w1=-3 and x2*-w2=+2 so,The purchase of 2 extra good 2 units at$3 each is funded by giving up 3 good 1 units at$2 each.,Net Demands at Different Prices,x2,x1,w1,w2,x2*,x1*,A
8、t prices(p1,p2)the consumersells units of good 1 to acquiremore units of good 2.,Net seller of good 1,x2,x1,w1,w2,x2*,x1*,At prices(p1,p2)the consumersells units of good 2 to acquiremore of good 1.,Net buyer of good 1,Net Demands at Different Prices,x2,x1,x2*=w2,x1*=w1,At prices(p1”,p2”)the consumer
9、consumes her endowment;netdemands are all zero.,Autarky,Net Demands at Different Prices,Offer Curve,x2,x1,w1,w2,Price-offer curve contains all theutility-maximizing gross demands for which the endowment can be exchanged.,Net Demands,x2,x1,w1,w2,Price-offer curve,Sell good 1,buy good 2,Net Demands,x2
10、,x1,w1,w2,Price-offer curve,Buy good 1,sell good 2,因课件太大，无法上传。本处删除了2张关于提供曲线和需求曲线的几何图形的图片格式，请看教材图形。cym,Some Results about Price Change,If a consumer is a net seller of a good,when the price of the good decreases,if she remains a buyer then the consumer is worse off.If a consumer if a net buyer of a g
11、ood,when the price decreases,the consumer will remain a buyer and be better off.,因课件太大，无法上传。本处删除了2张关于价格变动（商品1价格下降、上升）的几何图形的图片格式，请看教材图形。cym,Labor Supply,A worker is endowed with$m of nonlabor income and R hours of time which can be used for labor or leisure.w=(R,m).Consumption goods price is pc.w is
12、the wage rate.,Labor Supply,The workers budget constraint iswhere C,R denote gross demands for the consumption good and for leisure.That is,endowment value,expenditure,Labor Supply,rearranges to,Labor Supply,C,R,R,endowment,m,($),Labor Supply,C,R,R,endowment,m,Labor Supply,C,R,R,endowment,m,Labor Su
13、pply,C,R,R,endowment,m,slope=,the real wage rate,Labor Supply,C,R,R,endowment,m,C*,R*,leisuredemanded,laborsupplied,Labor Supply Curve,Slutskys Equation Revisited,Slutsky:changes to demands caused by a price change are the sum ofa pure substitution effect,andan income effect.This assumed that income
14、 y did not change as prices changed.But does change with price.How does this modify Slutskys equation?,Slutskys Equation Revisited,A change in p1 or p2 changes so there will bean additional income effect,called the endowment income effect（禀赋收入效应）.Slutskys decomposition will thus have three component
15、sa pure substitution effectan(ordinary)income effect,andan endowment income effect.,Slutskys Equation Revisited,x1,w2,w1,x2,x2,x1,Initial prices are(p1,p2).,Slutskys Equation Revisited,x1,w2,w1,x2,x2,x1”,x2”,Initial prices are(p1,p2).Final prices are(p1”,p2”).,x1,Slutskys Equation Revisited,x1,w2,w1
16、,x2,x2,x1”,x2”,Initial prices are(p1,p2).Final prices are(p1”,p2”).,How is the change in demandfrom(x1,x2)to(x1”,x2”)explained?,x1,Slutskys Equation Revisited,x1,w2,w1,x2,x2,x1,Initial prices are(p1,p2).,Slutskys Equation Revisited,x1,w2,w1,x2,x2,x1”,x2”,Initial prices are(p1,p2).Final prices are(p1
17、”,p2”).,x1,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Ordinary income effect,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Ordina
18、ry income effect,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Ordinary income effect,Endowment income effect,Slutskys Equation Revisited,x1,w2,w1,x2,Pure substitution effect,Ordinary income effect,Endowment income effect,Slutskys Equation Revisited,Overall change in demand caused by achange in price is the sum of:(i)a pure substitution effect(ii)an ordinary income effect(iii)an endowment income effect,Slutsky Equation with Endowments,Or,(-),(+),(+),
