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1.
Summary. General equilibrium models of oligopolistic competition give rise to relative prices only without determining the price level.
It is well known that the choice of a numéraire or, more generally, of a normalization rule converting relative prices into
absolute prices entails drastic consequences for the resulting set of Nash equilibria when firms are assumed to maximize profits.
This is due to the fact that changing the price normalization amounts to altering the objective functions of the firms. Clearly,
the objective of a firm must not be based on price normalization rules void of any economic content. In this paper we propose
a definition of the objective of a firm, called maximization of shareholders' real wealth, which takes shareholders' demand
explicitly into account. This objective depends on relative prices only. Real wealth maxima are shown to exist under certain
conditions. Moreover, we consider an oligopolistic market and prove the existence of a Nash equilibrium in which each firm
maximizes the real wealth of its shareholders.
Received: July 10, 1997; revised version: July 27, 1998 相似文献
2.
In this paper we show that for a large subset of utility functions in the space of all C1 utility functions and for all prices the mean demand of those consumers whose taste is represented by a given utility function in that subset is uniquely determined. This implies that for a large set of economies mean demand is a continuous function. Our analysis uses derivatives of first and of higher order. The result is essentially a consequence of the multijet transversality theorem. 相似文献
3.
We present an example of a production economy with incomplete markets, von Neumann–Morgenstern utility functions, and a unique Drèze equilibrium in order to illustrate and explain the following phenomenon. There exists a transfer scheme such that every shareholder’s utility after transfers and share adjustments increases the more the firm deviates from the Drèze equilibrium. However, shareholders’ welfare decreases the further the firm departs from the Drèze equilibrium. Shareholders’ welfare is defined as the sum of their utilities where every utility function is normalized such that the marginal utility of today’s consumption equals 1 at the Drèze equilibrium. 相似文献
4.
Wirtschaftsdienst - Zur Erreichung der globalen Klimaziele ist eine drastische Emissionsminderung in allen Sektoren wie Energiewirtschaft, Gebäude, Verkehr und Landwirtschaft notwendig. Zudem... 相似文献
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Summary. We consider economies with incomplete markets, one good per state, two periods, t = 0,1, private ownership of initial endowments, a single firm, and no assets other than shares in this firm. In Dierker, Dierker, Grodal (2002), we give an example of such an economy in which all market equilibria are constrained inefficient. In this paper, we weaken the concept of constrained efficiency by taking away the planners right to determine consumers investments. An allocation is called minimally constrained efficient if a planner, who can only determine the production plan and the distribution of consumption at t = 0, cannot find a Pareto improvement. We present an example with arbitrarily small income effects in which no market equilibrium is minimally constrained efficient.Received: 26 November 2002, Revised: 28 May 2003, JEL Classification Numbers:
D2, D52, D61, G1.We are grateful to an anonymous referee for very valuable comments. E. and H. Dierker would like to thank the Institute of Economics, University of Copenhagen, for its hospitality and its financial support. 相似文献
7.
Hildegard Dierker 《Journal of Mathematical Economics》1975,2(2):155-169
In this paper we apply results on regular economies to study equilibria and core in a non-differentiable framework. We show that the distributions of agents' characteristics of regular economies form a dense subset of all distributions of agents' characteristics. Therefore ‘most’ economies have equilibria which are contained in finitely many ?-balls. And the core of ‘most’ sufficiently large economies is contained in finitely many ?-balls centered at equilibrium allocations of these economies. 相似文献
8.
Hildegard Dierker 《Journal of Mathematical Economics》1975,2(1):43-62
To study equilibria we describe an economy by its distribution of consumers' preferences and endowments. All preferences are smooth and weakly convex. Demand of an economy need not be single valued, but there is an open dense set of economies for which demand is a C1-function in a neighborhood of the equilibrium prices. We call an economy regular if its excess demand is transversal to zero. A regular economy has locally unique equilibria. It is shown that regular economies form an open dense set on which the equilibrium price correspondence varies continuously and the number of equilibria is locally constant. 相似文献
9.
In the quasilinear case, surplus maximization leads to constrained efficient Drèze equilibria. We investigate the question of whether surplus maximization can be useful beyond the quasilinear case. 相似文献
10.