المؤلفون: Michael C. Ferris, Andy Philpott

المصدر: Operations Research. 70:1933-1952

مصطلحات موضوعية: TheoryofComputation_MISCELLANEOUS, Partial equilibrium, Coherent risk measure, Economics, Perfect competition, Stochastic optimization, Management Science and Operations Research, Mathematical economics, Commodity (Marxism), Computer Science Applications

الوصف: We study a competitive partial equilibrium in markets where risk-averse agents solve multistage stochastic optimization problems formulated in scenario trees. The agents trade a commodity that is produced from an uncertain supply of resources. Both resources and the commodity can be stored for later consumption. Several examples of a multistage risked equilibrium are outlined, including aspects of battery and hydroelectric storage in electricity markets, distributed ownership of competing technologies relying on shared resources, and aspects of water control and pricing. The agents are assumed to have nested coherent risk measures based on one-step risk measures with polyhedral risk sets that have a nonempty intersection over agents. Agents can trade risk in a complete market of Arrow-Debreu securities. In this setting, we define a risk-trading competitive market equilibrium and establish two welfare theorems. Competitive equilibrium will yield a social optimum (with a suitably defined social risk measure) when agents have strictly monotone one-step risk measures. Conversely, a social optimum with an appropriately chosen risk measure will yield a risk-trading competitive market equilibrium when all agents have strictly monotone risk measures. The paper also demonstrates versions of these theorems when risk measures are not strictly monotone.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::104d2374fc891bf8b90737f8da3a198bTest
https://doi.org/10.1287/opre.2019.1958Test

المؤلفون: Fabio Petri

المصدر: Microeconomics for the Critical Mind ISBN: 9783030620691

مصطلحات موضوعية: Returns to scale, Production theory, General equilibrium theory, Isoquant, Profit maximization, Partial equilibrium, Economics, Perfect competition, Production (economics), Mathematical economics

الوصف: This chapter presents, in more rigorous form than in Chap. 3, standard producer theory and uses it to explain the notion of Marshallian short- and long-period partial equilibrium of a product market. It cautions about the dangers of netputs; it distinguishes three meanings of returns to scale; it illustrates activity-analysis isoquants; it studies cost minimization and profit maximization via the Kuhn–Tucker approach; it explains the profit function, the Weak Axiom of Profit Maximization, the Weak Axiom of Cost Minimization, Shephard’s Lemma for firms, Hotelling’s Lemma; it discusses inferior inputs and rival inputs; it illustrates the notion of quasi-rent; it explains the role of free entry for the notions of price taking and perfect competition. The Pareto efficiency of competitive partial equilibrium is proved. Then, after a criticism of the frequent assumption of a given number of firms, the equations of the non-capitalistic general equilibrium of production and exchange (without joint production) are presented, and it is shown that this equilibrium can be interpreted as an equilibrium of exchange: of indirect exchange of factor services. Demand is shown to influence relative product prices through its influence on income distribution. Some doubts are raised on whether preferences are as persistent and reversible as the approach would need them to be. The online Appendix to the chapter adds further observations on the influence of demand on product prices and develops formulae for the factor demand conditional elasticities used in applied research. The present chapter introduces to the neoclassical theory of competitive firms so as to arrive at the general equilibrium of production and exchange, still without capital goods. It will familiarize you with: a more rigorous treatment of the notions introduced in earlier chapters of production function, isoquant, returns to scale, cost minimization, elasticity of substitution; the study of profit maximization via the Kuhn–Tucker approach; the notions, central in standard producer theory, of WAPM, WACm, Shephard’s Lemma and Hotelling’s Lemma; the curious effects of inferior inputs and rival inputs; the Marshallian approach to short-period and long-period partial equilibrium; the relevance of free entry for the notions of price taking and perfect competition; the system of equations of the non-capitalistic general equilibrium with production and its reducibility to an equilibrium of exchange (of factor services).

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::f4906f938d2caef7979b872cdd5a476aTest
https://doi.org/10.1007/978-3-030-62070-7_5Test

المؤلفون: Takashi Hayashi

المصدر: Microeconomic Theory for the Social Sciences ISBN: 9789811635403

مصطلحات موضوعية: Simultaneity, General equilibrium theory, Partial equilibrium, Economics, Subsidy, Mathematical economics

الوصف: We have worked in the previous chapters on the model in which demands match supplies for multiple goods simultaneously. To emphasize such simultaneity we call it general equilibrium model. It is hard to analyze the behavior of general equilibrium by hand, which is particularly the case when we need to deal with more goods. Thus it is hard to analyze the effects of policies such as taxation, subsidy and regulation in the way that we can see their implications to the allocations of ALL goods simultaneously.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::0c93034547229b159ef961aff300fb93Test
https://doi.org/10.1007/978-981-16-3541-0_19Test

المؤلفون: Scott Farrow, Adam Rose

المصدر: Journal of Benefit-Cost Analysis. 9:67-83

مصطلحات موضوعية: Functional specification, Computable general equilibrium, 021110 strategic, defence & security studies, Economics and Econometrics, Government, Public Administration, Sociology and Political Science, General equilibrium theory, media_common.quotation_subject, Partial equilibrium, 05 social sciences, 0211 other engineering and technologies, 02 engineering and technology, Policy analysis, 0502 economics and business, Economics, 050207 economics, Closure (psychology), Welfare, Mathematical economics, media_common

الوصف: Advances in theoretical and computable general equilibrium modeling brought their conceptual foundations more in line with standard microeconomic constructs. This reduced the theoretical gap between welfare measurements using a partial or a general equilibrium approach. However, the separation of the partial and general equilibrium literatures lingers in many applications that this manuscript seeks to bridge. The now shared conceptual foundations, the importance of functional specification, the role of common price movements and closure rules are discussed. The continuing stricture in U.S. Government guidelines against including secondary effects in welfare measures is questioned.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::1e1c59aaa00acfe9599c953be2ffa547Test
https://doi.org/10.1017/bca.2017.29Test

المؤلفون: Bogdan Klishchuk

المصدر: Economic Theory. 66:525-545

مصطلحات موضوعية: Economics and Econometrics, General equilibrium theory, Partial equilibrium, 05 social sciences, Microeconomics, Markov perfect equilibrium, Equilibrium selection, 0502 economics and business, Economics, Perfect competition, Intermediation, 050206 economic theory, Price of stability, Mathematical economics, Nonlinear pricing, 050205 econometrics

الوصف: We discuss how linear equilibrium pricing in certain competitive market structures may represent nonlinear equilibrium pricing of Aliprantis et al. (J Econ Theory 100:22–72, 2001, J Econ Theory 121:51–74, 2005). Their work extends the theory of value beyond the scope of the Walrasian single market linear price model. Our arguments include a new and general result on the existence of linear price equilibrium with multiple markets. Each market has its own price vector (linear functional), and agents’ involvement in various markets is heterogeneous. As a result, price differences across markets may prevail in equilibrium. We present an example in which single market linear price equilibrium does not exist, but certain corresponding equilibrium with two markets does. This example is a particular instance of a prevalent nonexistence problem in atomless economies with differential information. Bypassing the nonexistence problem is one of the achievements of the nonlinear equilibrium theory. Our equilibrium with multiple markets, on the other hand, offers a solution with a more standard economic interpretation. Besides, our general framework is a model of multiple markets in their own right, and our results are related to the role of economic intermediation and bilateral trade.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::3ba13f786cf09787b658c47215eca574Test
https://doi.org/10.1007/s00199-017-1071-yTest

المؤلفون: Huseyin Topaloglu, Jiayang Gao, Krishnamurthy Iyer

المصدر: Operations Research Letters. 45:382-387

مصطلحات موضوعية: 050208 finance, Applied Mathematics, Partial equilibrium, 0502 economics and business, 05 social sciences, Dynamic pricing, 050207 economics, Management Science and Operations Research, Approximate equilibrium, Mathematical economics, Industrial and Manufacturing Engineering, Software, Mathematics

الوصف: We consider a multi-period price competition among multiple firms with limited inventories of substitutable products, and study two types of equilibrium: with and without recourse. Under a linear demand model, we show that an equilibrium without recourse uniquely exists. In contrast, we show an equilibrium with recourse need not exist, nor be unique. In a low-influence regime, using the equilibrium without recourse, we construct an approximate equilibrium with recourse with the same equilibrium price trajectory.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::4fd68905004d9d61721ea99de043f939Test
https://doi.org/10.1016/j.orl.2017.05.005Test

المؤلفون: David Laibman

مصطلحات موضوعية: Counterfactual thinking, Interpretation (philosophy), Partial equilibrium, Perspective (graphical), Economics, Market price, Commodity (Marxism), Mathematical economics, Supply and demand, Simple (philosophy)

الوصف: This chapter shows that the Marshallian crossing supply and demand curves may be inconsistent with classical price theory in particular cases, and therefore cannot be reconciled with that theory in general. It outlines a formalization of the classical conception–or at least one interpretation of that conception–that resolves some of the obvious problems arising from simple interpretations of those passages. The classical view sees supply and demand as opposing forces pulling market price away from a center that is not itself explainable in terms of supply and demand. The classical view of price dynamics can be presented from the standpoint of a single commodity or industry, a presentation that is conformable to the partial equilibrium perspective of orthodox theory. A carefully formalized classical approach helps situate arguments on different levels, and establish the conditions in which the counterfactual curves framework may be useful as a way of representing aspects of reality.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::70808874094070f87a1ee61598a7ead8Test
https://doi.org/10.4324/9781315703930-16Test

المؤلفون: Ashok Chowdhury

مصطلحات موضوعية: Agriculture, business.industry, Partial equilibrium, Alternative energy, Economics, Quadratic programming, business, Mathematical economics, Agricultural economics, Energy (signal processing), Separable space

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::121bffb5786ce04ba62b3373a570c9c9Test
https://doi.org/10.31274/rtd-180813-6235Test

المؤلفون: Hirokazu Sakane

المصدر: Journal of Mathematical Economics. 63:21-26

مصطلحات موضوعية: Competition (economics), Economics and Econometrics, Monopolistic competition, Markov perfect equilibrium, General equilibrium theory, Exponential stability, Demand curve, Applied Mathematics, Partial equilibrium, Economics, Perfect competition, Mathematical economics, Computer Science::Computers and Society

الوصف: This study examines the asymptotic stability of a general equilibrium for an economy under perfect and monopolistic competition in which delays in a production process arise. Crucially, we find that the sufficient conditions for the stability of the equilibrium in each model differ markedly. For the stability of the equilibrium under perfect (monopolistic) competition, it is favorable that the slope of every demand curve is gradual ( steep ).

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::fa95f7d2d716a931b2bc341525bb6244Test
https://doi.org/10.1016/j.jmateco.2015.11.003Test

المؤلفون: Keith Tribe

المصدر: History of Political Economy. 48:547-549

مصطلحات موضوعية: Economics and Econometrics, History, Market structure, Partial equilibrium, Economics, Mathematical economics

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::b3598b7583945d54fdd467b99e3af25eTest
https://doi.org/10.1215/00182702-3638767Test