Imperfectly Competitive General Equilibria And The Choice Of Price Normalization
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Imperfectly Competitive General Equilibria And The Choice Of Price Normalization
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Author : Robin Ellen Stonecash
language : en
Publisher:
Release Date : 1995
Imperfectly Competitive General Equilibria And The Choice Of Price Normalization written by Robin Ellen Stonecash and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Competition, Imperfect categories.
Price Normalization And Equilibria In General Equilibrium Models Of International Trade Under Imperfect Conditions
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Author : T. N. Srinivasan
language : en
Publisher:
Release Date : 1994
Price Normalization And Equilibria In General Equilibrium Models Of International Trade Under Imperfect Conditions written by T. N. Srinivasan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Computer simulation categories.
Imperfectly Competitive Factor Markets And Price Normalization
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Author : Bo Sandemann Rasmussen
language : en
Publisher:
Release Date : 1998
Imperfectly Competitive Factor Markets And Price Normalization written by Bo Sandemann Rasmussen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
A two-sector general equilibrium model with imperfectly competitive labour markets is set up. Non-cooperative equilibria with wage setting at the sectoral level are shown to depend on the choice of price normalization rule even though all agents behave fully rationally. Hence, imposing rationality is not sufficient to deprive the choice of price normalization rule of its importance. It is argued that the importance of the choice of price normalization rule may follow from the strategic interaction of agents and not from imperfectness of competition per se, and some examples are provided.
The Price Normalization Problem In Imperfect Competition And The Objective Of The Firm
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Author : Egbert Dierker
language : en
Publisher:
Release Date : 2000
The Price Normalization Problem In Imperfect Competition And The Objective Of The Firm written by Egbert Dierker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
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 numeraire 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.
Price Normalization And Equilibria In General Equilibrium Models Of International Trade Under Imperfect Competition
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Author : T. N. Srinivasan
language : en
Publisher:
Release Date : 1994
Price Normalization And Equilibria In General Equilibrium Models Of International Trade Under Imperfect Competition written by T. N. Srinivasan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Imperfectly Competitive General Equilibria And The Choice Of Price Normalizat
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Author : Robin Stonecash
language : en
Publisher:
Release Date : 1995
Imperfectly Competitive General Equilibria And The Choice Of Price Normalizat written by Robin Stonecash and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
The Role Of Price Normalization In Imperfectly Competitive Economies
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Author : Volker Böhm
language : en
Publisher:
Release Date : 2022
The Role Of Price Normalization In Imperfectly Competitive Economies written by Volker Böhm and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This note presents an analytical method to examine when, why, and how rules of price normalization have an impact on noncompetitive equilibria in Arrow-Debreu economies. For simple prototype economies it is shown that under smooth strict convexity of preferences and technologies regular monopolistic equilibria depend generically on the parameters of the normalization map. Conversely, for an example with consumer preferences from a parametrized class of quasi-concave/quasi-convex utility functions monopolistic equilibria are shown to be invariant under normalization for all parameters under convex technologies as well as under fixed costs or increasing returns. The generic dependence of allocations on rules of price normalization implies alterations of characteristics of outcomes in a much wider class of applications than models of monopolistic competition only. Several examples of so-called Cournot-Walras oligopolies are discussed occurring in typical models with monopolistic competition, international trade, welfare economics, public economics, and macroeconomics revealing the generic impact of price normalization on noncompetitive outcomes in Arrow-Debreu economies.
Working Paper
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Author :
language : en
Publisher:
Release Date :
Working Paper written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Economics categories.
Essays In Dynamic General Equilibrium Theory
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Author : Alessandro Citanna
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-01-11
Essays In Dynamic General Equilibrium Theory written by Alessandro Citanna and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-11 with Business & Economics categories.
In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.
Dynamic Macroeconomics With Imperfect Competition
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Author : Leo Kaas
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Dynamic Macroeconomics With Imperfect Competition written by Leo Kaas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.