北大微观经济学(英文版)ch12Uncertainty精品PPT课件
合集下载
北大微观经济学课件(英文版)ch3 Preferences
中级微观经济学
Assumptions about Preference Relations
Transitivity
(传递性): If x is at least as preferred as y, and y is at least as preferred as z, then x is at least as preferred as z; i.e.
x1
2012-10-9 中级微观经济学
Indifference Curves Exhibiting Satiation
x2
Satiation (bliss) point Better
2012-10-9
中级微观经济学
Extreme Cases of Indifference Curves; Perfect Substitutes
x2
15 I2 8 Slopes are constant at - 1.
I1
Bundles in I2 all have a total of 15 units and are strictly preferred to all bundles in I1, which have a total of only 8 units in them. x1 8 15
x
f y and y f z ~ ~
x f z.
~
2012-10-9
中级微观经济学
Indifference Curves
Take
a reference bundle x’. The set of all bundles equally preferred to x’ is the indifference curve containing x’; the set of all bundles y ~ x’. Since an indifference “curve” is not always a curve a better name might be an indifference “set”.
微观经济学英文课件Ch
– 着眼于推动技术进步的政府对经济的干预政策成为技术 政策。
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
0
Qoptimum QMARKE
0
QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
0
Qoptimum QMARKE
0
QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
《微观经济学英》PPT课件
Edited by Yong, E.L.
精选ppt
15
Continuously,
Microeconomics is also used for evaluating broad question in regards to government policy (although this is more to macroeconomics).
Edited by Yong, E.L.
精选ppt
8
Continuously,
If the firm produces 10 units of apple and 6 units of apple pie wants to increase the production of apple pie by one unit to the 7th unit. It has to forgo 1 unit of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 1.
3) Give a point to how this might be disturbed.
- If Health Ministry imposes a new law to reduce apple pie due to obesity in children and increase apple production, the producer may not be able to find the best combination of resources for the new plan of production set by the government.
北大微观经济学课件PPT课件
• 间接传递：花费成本传递可信的信息：
– 信号传递：如提供保修，或允许退货；广告； – 声誉机制；
26
二手车市场
• 假定二手车对车主的价值是20万，对买者的价值 是30万；高质量车发生故障的概率是10%,低质量 车发生故障的概率是50%。再假定修理故障的成 本是10万。
• 那么，高质量车的卖主愿意提供保修，价格26万； 低质量车卖主不愿意提供保修，售价是22万。
• 资本市场：高风险的企业更愿意事情贷款。银行 实行的信贷配给与此有关。(问题：为什么银行可 以拒绝贷款而商店不能拒绝销售？）
8
二手车市场
• 简单的例子：设想二手车的质量有两种：L 和H. L质量的车对车主值2万，对买主值2.4 万；H质量的二手车对车主值6万，对买主 值7.2万；
• 车主知道车的质量，买主不知道，只知道H 和L的可能性各为50%；
• 这被称为“市场失灵”。 • 据此，有些经济学家认为需要政府介入才能解决
市场失灵。 • 但，市场没有失灵(二手车市场没有消失）。市场
本身就是解决非对称信息的机制，发现和传递信 息社会企业家的主要功能。 • 非对称信息并不证明政府干预市场一定是是正确 的选择。甚至可以说，如果没有非对称信息就不 需要市场！
第十章 非对称信息与市场
张维迎 2013年11月26日
1
国家发改委价格司官员回应：
• 问：有些人提出，约谈企业有行政干预之嫌，会影响价格 机制正常运行。请问，您对此怎么看？
• 答：约谈是一种沟通方式，不是行政干预，更谈不上干涉 企业定价自主权。政府价格主管部门一贯充分尊重企业定 价自主权，坚持依法行政。 市场机制的核心，是通过市场价格的变动，引导资源优化
– 标准合同：基本保费；赔偿80%； – 全额保险：基本保费+附加保费；赔偿100%
– 信号传递：如提供保修，或允许退货；广告； – 声誉机制；
26
二手车市场
• 假定二手车对车主的价值是20万，对买者的价值 是30万；高质量车发生故障的概率是10%,低质量 车发生故障的概率是50%。再假定修理故障的成 本是10万。
• 那么，高质量车的卖主愿意提供保修，价格26万； 低质量车卖主不愿意提供保修，售价是22万。
• 资本市场：高风险的企业更愿意事情贷款。银行 实行的信贷配给与此有关。(问题：为什么银行可 以拒绝贷款而商店不能拒绝销售？）
8
二手车市场
• 简单的例子：设想二手车的质量有两种：L 和H. L质量的车对车主值2万，对买主值2.4 万；H质量的二手车对车主值6万，对买主 值7.2万；
• 车主知道车的质量，买主不知道，只知道H 和L的可能性各为50%；
• 这被称为“市场失灵”。 • 据此，有些经济学家认为需要政府介入才能解决
市场失灵。 • 但，市场没有失灵(二手车市场没有消失）。市场
本身就是解决非对称信息的机制，发现和传递信 息社会企业家的主要功能。 • 非对称信息并不证明政府干预市场一定是是正确 的选择。甚至可以说，如果没有非对称信息就不 需要市场！
第十章 非对称信息与市场
张维迎 2013年11月26日
1
国家发改委价格司官员回应：
• 问：有些人提出，约谈企业有行政干预之嫌，会影响价格 机制正常运行。请问，您对此怎么看？
• 答：约谈是一种沟通方式，不是行政干预，更谈不上干涉 企业定价自主权。政府价格主管部门一贯充分尊重企业定 价自主权，坚持依法行政。 市场机制的核心，是通过市场价格的变动，引导资源优化
– 标准合同：基本保费；赔偿80%； – 全额保险：基本保费+附加保费；赔偿100%
微观经济学 Uncertainty
Utility 12
Risk-Loving
EU=7 2 $0 $45 $90 Wealth
Risk Loving
Utility 12 MU（赢得货币的边际效 用） rises as wealth rises. U”>0.
EU=7 U($45) 2 $0 $45 $90
Wealth
U($45) < EU risk-loving. （期望值的效用小于预期效用）
的可获得性） present and future actions of other people. （现在和未来的人们的其他活动）
Uncertainty is Pervasive
What are rational responses to uncertainty?（什么是人们对待不确定性的 理性反应？）
buying insurance (health, life, auto)（买保
险） a portfolio of contingent（随机的） consumption goods.（对所购买的商品进行 组合消费）
States of Nature
Possible states of Nature:（自然状态）
EU2 EU1
Ca
Budget Constraint with Insurance （存在保险的预算约束）
Each $1 of accident insurance costs . Consumer has $m of wealth. Cna is consumption value in the noaccident state. Ca is consumption value in the accident state.
微观经济学英文版PPT课件
Or, the opportunity cost that use a certain resource is the highest price of abandoning other uses of this resource
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
微观经济学英文版精品PPT课件
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.2 Microeconomics and Macroeconomics
What is Microeconomics ?
It is concerned with the behavior of individual entities such as markets, firms and households.
You want to buy a computer which is $2510. while it is $2500 in the supermarket in downtown. Wherever you buy the computer, it would return to the producer if there is any problem. Where would you buy it？
There are three types of economies:
Market economy Command economy Mixed economy
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.1 Scarcity and Efficiency
What is economics ?
Economics is the study f how societies use scarce resources to produce valuable commodities and distribute them among different people.
微观经济学教学课件：Ch12-Monopoly
Monopoly
12 CHAPTER
After studying this chapter you will be able to
Explain how monopoly arises and distinguish between single-price monopoly and price-discriminating monopoly Explain how a single-price monopoly determines its output and price Compare the performance and efficiency of single-price monopoly and competition Explain how price discrimination increases profit Explain how monopoly regulation influences output, price, economic profit, and efficiency
A Single-Price Monopoly’s Output and Price Decision
The marginal revenue curve, MR, passes through the red dot midway between 2 and 3 units and at $10.
Market Power
Legal Barriers to Entry Legal barriers to entry create a legal monopoly, a market in which competition and entry are restricted by the granting of a ▪ Public franchise (like the U.S. Postal Service, a public
12 CHAPTER
After studying this chapter you will be able to
Explain how monopoly arises and distinguish between single-price monopoly and price-discriminating monopoly Explain how a single-price monopoly determines its output and price Compare the performance and efficiency of single-price monopoly and competition Explain how price discrimination increases profit Explain how monopoly regulation influences output, price, economic profit, and efficiency
A Single-Price Monopoly’s Output and Price Decision
The marginal revenue curve, MR, passes through the red dot midway between 2 and 3 units and at $10.
Market Power
Legal Barriers to Entry Legal barriers to entry create a legal monopoly, a market in which competition and entry are restricted by the granting of a ▪ Public franchise (like the U.S. Postal Service, a public
微观经济学英文版第一章课件-PPT精品文档
Chapter 1
Slide 6
关于教材的使用(讲授章节 )
第一篇 导论:市场和价格(1-2)
第1章 绪论 第2章 供给与需求的基本原理
第二篇 生产者,消费者以及竞争性市场(3-9)
第3章 消费者行为
第4章 个别需求与市场需求(1-4) 第6章 生产
第7章 生产成本(1-4)
运用统计学和计量经济学的技术,理论可
Chapter 1
Slide 26
理论和模型 Theories and Models
微观经济分析 Microeconomic Analysis
理论的有效性(和有用性) Validating a Theory
在假设既定的前提下,理论的有效性取决 于预测(和解释)的质量. The validity of a theory is determined by the quality of its prediction, given the assumptions.
Unemployment
Chapter 1
Slide 17
绪论 Preliminaries
微观经济学和宏观经济学的联系 The Linkage Between Micro and Macroeconomics
微观经济学是宏观经济分析的基础 Microeconomics is the foundation of macroeconomic analysis 宏观经济学也涉及市场分析(行为分析) 宏观经济学(部分内容)是微观经济学的延伸
Chapter 1
Slide 29
实证和规范 Positive Versus Normative Analysis
《微观经济学microeconomics》英文版全套课件(101页)
X RL {x R : xl 0 for l 1,..., L}
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
or
u(x* ) xl
pl
px w
Solution: Walrasian demand function x*( p, w)
Utility Maximization -- Example
Example 3.D.1: the transformed Cobb-Douglas Utility Function
Expenditure Function
Expenditure function e( p,u) Min px s.t. u(x) u {x}
Properties: 1. Homogeneous of degree of one in p 2. Strictly increasing in u and nondecreasing in p 3. Concave in p 4. Continuous in p and u
Comparative Statics – Wealth Effects
The consumer’s Engel function x( p, w)
The wealth effect xl ( p, w) / w or Dwx( p, w) Normal goods and inferior goods
A choice rule C(B) B
The weak axiom of revealed preference (WARP): if x is revealed at least as good as y, then y cannot be revealed preferred to x
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
or
u(x* ) xl
pl
px w
Solution: Walrasian demand function x*( p, w)
Utility Maximization -- Example
Example 3.D.1: the transformed Cobb-Douglas Utility Function
Expenditure Function
Expenditure function e( p,u) Min px s.t. u(x) u {x}
Properties: 1. Homogeneous of degree of one in p 2. Strictly increasing in u and nondecreasing in p 3. Concave in p 4. Continuous in p and u
Comparative Statics – Wealth Effects
The consumer’s Engel function x( p, w)
The wealth effect xl ( p, w) / w or Dwx( p, w) Normal goods and inferior goods
A choice rule C(B) B
The weak axiom of revealed preference (WARP): if x is revealed at least as good as y, then y cannot be revealed preferred to x
北大微观经济学(英文版) ppt课件
A x1
B x2
29
A x2
Edgeworth’s Box
B 1
xB 1
OB
A 2
B 2
OA
ppt课件
A 1
A x1
xB 2
30
Pareto-Improvement
An
allocation of the endowment that improves the welfare of a consumer without reducing the welfare of another is a Pareto-improving allocation. Where are the Pareto-improving allocations?
A 1
A x1
xB 2
33
Pareto-Improvements
Since
each consumer can refuse to trade, the only possible outcomes from exchange are Pareto-improving allocations. But which particular Paretoimproving allocation will be the outcome of trade?
ppt课件
34
x2
xB 1
Pareto-Improvements A
B 1
OB
A 2
B 2
OA The set of Paretoimproving reallocations ppt课件
A 1
A x1
xB 2
35
Pareto-Improvements
Ch12_Uncertainty
Contingencies
A
state-contingent consumption plan is implemented only when a particular state of Nature occurs. E.g. take a vacation only if there is no accident.
Preferences Under Uncertainty
Think
of a lottery. Win $90 with probability 1/2 and win $0 with probability 1/2. U($90) = 12, U($0) = 2. Expected utility is
EU 1 2 1 2 U($90) 12 1 2 1 2 U($0)
2 7.
Preferences Under Uncertainty
Think
of a lottery. Win $90 with probability 1/2 and win $0 with probability 1/2. Expected money value of the lottery is 1 1
20
17
Ca
State-Contingent Budget Constraints
Without
insurance, Ca = m - L Cna = m.
State-Contingent Budget Constraints
Cna
m The endowment bundle.
mL
na
1
1
a
State-Contingent Budget Constraints
《微观经济学》ppt课件 Ch2BudgetConstr
u What constrains consumption choice? – Budgetary, time and other resource limitations.
1.Budget Constraints
u Q: When is a bundle (x1, … , xn) affordable at prices p1, … , pn?
u There are three elements of consumer behavior: budget constraint, preference, and choices.
1.Consumption Choice Sets
u A consumption choice set is the collection of all consumption choices available to the consumer.
1.Uniform Ad Valorem Sales a.x2 Taxes
a.Equivalent income los is
a.x1
1.The Food Stamp Program
u Food stamps are coupons that can be legally exchangeudget Constraints - Relative Prices
u Any commodity can be chosen as the numeraire without changing the budget set or the budget constraint.
1.Budget Constraints - Relative Prices
u An income decrease may (typically will) make the consumer worse off.
1.Budget Constraints
u Q: When is a bundle (x1, … , xn) affordable at prices p1, … , pn?
u There are three elements of consumer behavior: budget constraint, preference, and choices.
1.Consumption Choice Sets
u A consumption choice set is the collection of all consumption choices available to the consumer.
1.Uniform Ad Valorem Sales a.x2 Taxes
a.Equivalent income los is
a.x1
1.The Food Stamp Program
u Food stamps are coupons that can be legally exchangeudget Constraints - Relative Prices
u Any commodity can be chosen as the numeraire without changing the budget set or the budget constraint.
1.Budget Constraints - Relative Prices
u An income decrease may (typically will) make the consumer worse off.
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
consumption goods.
2020/10/15
中级微观经济学
States of Nature
Possible states of Nature: – “car accident” (a) – “no car accident” (na). Accident occurs with probability a, does not with probability na ;
a + na = 1. Accident causes a loss of $L.
2020/10/15
中级微观经济学
Contingencies
A contract implemented only when a particular state of Nature occurs is state-contingent. E.g. the insurer pays only if there is an accident.
$45
$90
Wealth
2020/10/15
中级微观经济学
2020/10/15
中级微观经济学
Contingencies
A state-contingent consumption plan is implemented only when a particular state of Nature occurs. E.g. take a vacation only if there is no accident.
people.
2020/10/15
中级微观经济学
Uncertainty is Pervasive
What are rational responses to uncertainty? – buying insurance (health, life, auto) – a portfolio of co微观经济学
Uncertainty is Pervasive
What is uncertain in economic systems? – tomorrow’s prices – future wealth – future availability of commodities – present and future actions of other
2020/10/15
中级微观经济学
Preferences Toward Risk
Risk averse Risk neutral Risk loving
2020/10/15
中级微观经济学
Preferences Toward Risk
Think of a lottery.
Win $90 with probability 1/2 and win $0 with probability 1/2.
2020/10/15
中级微观经济学
Utility 12
EU=7 2 $0
Risk Averse
$45
$90
Wealth
2020/10/15
中级微观经济学
Utility 12
U($45) EU=7
2 $0
Risk Averse
U($45) > EU risk-aversion. MU declines as wealth rises. U”<0.
22
2020/10/15
中级微观经济学
Preferences Under Uncertainty
EU = 7 and EM = $45. U($45) > 7 $45 for sure is preferred to the lottery risk-aversion (规避风险）. U($45) < 7 the lottery is preferred to $45 for sure risk-loving （喜爱风险）. U($45) = 7 the lottery is preferred equally to $45 for sure risk-neutrality （ 风险中性）.
Chapter Twelve
Uncertainty 不确定性
2020/10/15
中级微观经济学
Structure
State contingent consumption (依情 形而定的消费） Preferences under uncertainty Attitudes toward risk State-contingent budget constraint Choice under uncertainty Diversification and risk spreading
2020/10/15
中级微观经济学
Preferences Under Uncertainty
Expected utility function
Von-Neuman-Morgenstern utility function
E U a U (ca)n a U (cn a)
Positive affine transformation v(u)=au+b, a>0
U($90) = 12, U($0) = 2.
Expected utility is
EU1U($90)1U($0)
2
2
112127. 22
2020/10/15
中级微观经济学
Preferences Toward Risk
Think of a lottery. Win $90 with probability 1/2 and win $0 with probability 1/2. Expected money value of the lottery is E M 1$901$0$45 .
2020/10/15
中级微观经济学
Preferences Under Uncertainty
2 states of nature:
– At probability a , consumption is ca
– At probability na , consumption is cna
– a + na = 1. Utility is U(ca, cna, a, na).
2020/10/15
中级微观经济学
States of Nature
Possible states of Nature: – “car accident” (a) – “no car accident” (na). Accident occurs with probability a, does not with probability na ;
a + na = 1. Accident causes a loss of $L.
2020/10/15
中级微观经济学
Contingencies
A contract implemented only when a particular state of Nature occurs is state-contingent. E.g. the insurer pays only if there is an accident.
$45
$90
Wealth
2020/10/15
中级微观经济学
2020/10/15
中级微观经济学
Contingencies
A state-contingent consumption plan is implemented only when a particular state of Nature occurs. E.g. take a vacation only if there is no accident.
people.
2020/10/15
中级微观经济学
Uncertainty is Pervasive
What are rational responses to uncertainty? – buying insurance (health, life, auto) – a portfolio of co微观经济学
Uncertainty is Pervasive
What is uncertain in economic systems? – tomorrow’s prices – future wealth – future availability of commodities – present and future actions of other
2020/10/15
中级微观经济学
Preferences Toward Risk
Risk averse Risk neutral Risk loving
2020/10/15
中级微观经济学
Preferences Toward Risk
Think of a lottery.
Win $90 with probability 1/2 and win $0 with probability 1/2.
2020/10/15
中级微观经济学
Utility 12
EU=7 2 $0
Risk Averse
$45
$90
Wealth
2020/10/15
中级微观经济学
Utility 12
U($45) EU=7
2 $0
Risk Averse
U($45) > EU risk-aversion. MU declines as wealth rises. U”<0.
22
2020/10/15
中级微观经济学
Preferences Under Uncertainty
EU = 7 and EM = $45. U($45) > 7 $45 for sure is preferred to the lottery risk-aversion (规避风险）. U($45) < 7 the lottery is preferred to $45 for sure risk-loving （喜爱风险）. U($45) = 7 the lottery is preferred equally to $45 for sure risk-neutrality （ 风险中性）.
Chapter Twelve
Uncertainty 不确定性
2020/10/15
中级微观经济学
Structure
State contingent consumption (依情 形而定的消费） Preferences under uncertainty Attitudes toward risk State-contingent budget constraint Choice under uncertainty Diversification and risk spreading
2020/10/15
中级微观经济学
Preferences Under Uncertainty
Expected utility function
Von-Neuman-Morgenstern utility function
E U a U (ca)n a U (cn a)
Positive affine transformation v(u)=au+b, a>0
U($90) = 12, U($0) = 2.
Expected utility is
EU1U($90)1U($0)
2
2
112127. 22
2020/10/15
中级微观经济学
Preferences Toward Risk
Think of a lottery. Win $90 with probability 1/2 and win $0 with probability 1/2. Expected money value of the lottery is E M 1$901$0$45 .
2020/10/15
中级微观经济学
Preferences Under Uncertainty
2 states of nature:
– At probability a , consumption is ca
– At probability na , consumption is cna
– a + na = 1. Utility is U(ca, cna, a, na).