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Results tagged with microeconomics
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user 4266
Microeconomics is a branch of economics that studies the market behavior of individual actors (usually firms and consumers) and the aggregation of their actions in different institutional frameworks (usually the market).
3
votes
Accepted
A graphic calculator for simple microeconomics problems
I wrote some silly program where you just fix endowment $e=(e_1,e_2)$ and utility functions $u=(u_1(x_1,y_1),u_2(x_2,y_2))$. The example provides an illustration for your utility functions and $x_1+x_ …
- 1,579
1
vote
1
answer
286
views
On closedness: commodity space
In Intriligator (2002, p. 143) we find the following statement:
\begin{align}
C = \{(x_1,x_2,\ldots,x_n) : x_j \geq 0,~j=1,2,\ldots,n\} \subset [0,\infty)^n
\end{align}
Thus commodity space …
- 1,579
1
vote
1
answer
447
views
Consumer surplus with isoelastic demand
Let $q(p) = \frac{1}{p}$ denote the demand function and $p^*$ some equilibrium price. Consumer surplus is defined as
\begin{align}
CS = \int_{p^*}^\infty\frac{1}{p} dp= \ln(\infty) - \ln(p^*) = \inft …
- 1,579
2
votes
1
answer
84
views
Term for perfect symmetric asymmetry
Let $x \in [0,1]$ denote some state (e.g. market share).
Let $i \in \{1,2\}$ denote an agent (e.g. firm).
Im considering a model where payoffs $F_i(x)$ are perfectly invertible in the sense that the p …
- 1,579
1
vote
Accepted
Rigorous solution of Stackelberg leader-follower game with N-players?
Let $c = 0$ and $Q_k = \sum_{i = 1}^k{q_i}$.
For $j = n$ the best response is given by
\begin{align}
b_n(Q_{n-1}) = \arg\max_{q_n}(1 - Q_{n-1} - q_n)q_n = \frac{1- Q_{n-1}}{2}.
\end{align}
For $j = n- …
- 1,579
2
votes
0
answers
727
views
On complements and substitutes with a CES function
Define the CES function $q : \mathbb R_+^n \to [0,1]$ by
\begin{align}
q(x) = \left[\frac{1}{n}\sum_{j=1}^n{x_j^\frac{\sigma-1}{\sigma}}\right]^\frac{\sigma}{\sigma-1}
\end{align}
where $x \in \mathbb …
- 1,579
4
votes
1
answer
297
views
Contract curve and Pareto frontier
Consider an exchange economy with two agents.
Each agent $i \in \{1,2\}$ derives utility $u^i(x_1,x_2) \in \mathbb R$ by consuming $(x_1,x_2) \in \mathbb R_+^2$.
Let $u_j^i(x_1,x_2) = \partial u^i(x_ …
- 1,579