王则柯微观经济学.pptx
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王则柯微观经济学.pptx
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IntermediateMicroeconomics,Introduction,Contents,InstructorandTAsRequirementsCourseoutlineAnexample:
marketforapartments,Textbook,IntermediateMicroeconomics:
AModernApproach(SixthEdition)byHalR.VarianW.W.Norton,2003,TheTheoryofEconomicsdoesnotfurnishabodyofsettledconclusionsimmediatelyapplicabletopolicy.Itisamethodratherthanadoctrine,anapparatusofthemind,atechniqueofthinkingwhichhelpsitspossessortodrawcorrectconclusions-JohnMaynardKeynes,IsEconomicsUseful?
AthinkingmachineChangesthewayyouviewlifeandunderstandproblemsAnallroundmajor,EconomicsGraduates,JobsforEconomists,BusinesseconomistsGovernmenteconomistsAcademiceconomists,Microeconomics,TheoryApplicationsLaboreconomicsEconomicsofeducationAgriculturaleconomicsIndustrialorganizationsHealtheconomics,CourseOutline,Consumertheory(1-15)Producertheory(18-27)Marketequilibrium(16-17,30-32)Specialtopicsonequilibrium,EconomicModeling,Whatcauseswhatineconomicsystems?
Atwhatlevelofdetailshallwemodelaneconomicphenomenon?
Whichvariablesaredeterminedoutsidethemodel(exogenous)andwhicharetobedeterminedbythemodel(endogenous)?
ModelingtheApartmentMarket,Howareapartmentrentsdetermined?
Supposeapartmentsarecloseordistant,butotherwiseidenticaldistantapartmentsrentsareexogenousandknownmanypotentialrentersandlandlords,ModelingtheApartmentMarket,Whowillrentcloseapartments?
Atwhatprice?
Willtheallocationofapartmentsbedesirableinanysense?
Howcanweconstructaninsightfulmodeltoanswerthesequestions?
TwoPrinciplesinEconomics,Optimization:
Eachpersontriestochoosethebestalternativeavailabletohimorher.Equilibrium:
Marketpriceadjustsuntilquantitydemandedequalsquantitysupplied.,ModelingApartmentDemand,Demand:
Supposethemostanyonepersoniswillingtopaytorentacloseapartmentis$500/month.Thenp=$500QD=1.Supposethepricehastodropto$490beforea2ndpersonwouldrent.Thenp=$490QD=2.,ModelingApartmentDemand,Theloweristherentalratep,thelargeristhequantityofcloseapartmentsdemandedpQD.Thequantitydemandedvs.pricegraphisthemarketdemandcurveforcloseapartments.,MarketDemandCurveforApartments,p,QD,ModelingApartmentSupply,Supply:
Ittakestimetobuildmorecloseapartmentssointhisshort-runthequantityavailableisfixed(atsay100).,MarketSupplyCurveforApartments,p,QS,100,CompetitiveMarketEquilibrium,“low”rentalpricequantitydemandedofcloseapartmentsexceedsquantityavailablepricewillrise.“high”rentalpricequantitydemandedlessthanquantityavailablepricewillfall.,CompetitiveMarketEquilibrium,Quantitydemanded=quantityavailablepricewillneitherrisenorfallsothemarketisatacompetitiveequilibrium.,CompetitiveMarketEquilibrium,p,QD,QS,100,CompetitiveMarketEquilibrium,p,QD,QS,pe,100,CompetitiveMarketEquilibrium,p,QD,QS,pe,100,Peoplewillingtopaypeforcloseapartmentsgetcloseapartments.,CompetitiveMarketEquilibrium,p,QD,QS,pe,100,Peoplewillingtopaypeforcloseapartmentsgetcloseapartments.,Peoplenotwillingtopaypeforcloseapartmentsgetdistantapartments.,CompetitiveMarketEquilibrium,Q:
Whorentsthecloseapartments?
A:
Thosemostwillingtopay.Q:
Whorentsthedistantapartments?
A:
Thoseleastwillingtopay.Sothecompetitivemarketallocationisby“willingness-to-pay”.,ComparativeStatics,Whatisexogenousinthemodel?
priceofdistantapartmentsquantityofcloseapartmentsincomesofpotentialrenters.Whathappensiftheseexogenousvariableschange?
ComparativeStatics,Supposethepriceofdistantapartmentrises.Demandforcloseapartmentsincreases(rightwardshift),causingahigherpriceforcloseapartments.,MarketEquilibrium,p,QD,QS,pe,100,MarketEquilibrium,p,QD,QS,pe,100,Higherdemand,MarketEquilibrium,p,QD,QS,pe,100,Higherdemandcauseshighermarketprice;samequantitytraded.,ComparativeStatics,Supposethereweremorecloseapartments.Supplyisgreater,sothepriceforcloseapartmentsfalls.,MarketEquilibrium,p,QD,QS,pe,100,MarketEquilibrium,p,QD,QS,100,Highersupply,pe,MarketEquilibrium,p,QD,QS,pe,100,Highersupplycausesalowermarketpriceandalargerquantitytraded.,ComparativeStatics,Supposepotentialrentersincomesrise,increasingtheirwillingness-to-payforcloseapartments.Demandrises(upwardshift),causinghigherpriceforcloseapartments.,MarketEquilibrium,p,QD,QS,pe,100,MarketEquilibrium,p,QD,QS,pe,100,Higherincomescausehigherwillingness-to-pay,MarketEquilibrium,p,QD,QS,pe,100,Higherincomescausehigherwillingness-to-pay,highermarketprice,andthesamequantitytraded.,TaxationPolicyAnalysis,Localgovernmenttaxesapartmentowners.Whathappenstopricequantityofcloseapartmentsrented?
Isanyofthetax“passed”torenters?
TaxationPolicyAnalysis,Marketsupplyisunaffected.Marketdemandisunaffected.Sothecompetitivemarketequilibriumisunaffectedbythetax.Priceandthequantityofcloseapartmentsrentedarenotchanged.Landlordspayallofthetax.,ImperfectlyCompetitiveMarkets,Amongstmanypossibilitiesare:
amonopolisticlandlordaperfectlydiscriminatorymonopolisticlandlordacompetitivemarketsubjecttorentcontrol.,AMonopolisticLandlord,WhenthelandlordsetsarentalpricepherentsD(p)apartments.Revenue=pD(p).Revenueislowifp0RevenueislowifpissohighthatD(p)0.Anintermediatevalueforpmaximizesrevenue.,MonopolisticMarketEquilibrium,p,QD,Lowprice,Lowprice,highquantitydemanded,lowrevenue.,MonopolisticMarketEquilibrium,p,QD,Highprice,Highprice,lowquantitydemanded,lowrevenue.,MonopolisticMarketEquilibrium,p,QD,Middleprice,Middleprice,mediumquantitydemanded,largerrevenue.,MonopolisticMarketEquilibrium,p,QD,QS,Middleprice,Middleprice,mediumquantitydemanded,largerrevenue.Monopolistdoesnotrentallthecloseapartments.,100,MonopolisticMarketEquilibrium,p,QD,QS,Middleprice,Middleprice,mediumquantitydemanded,largerrevenue.Monopolistdoesnotrentallthecloseapartments.,100,Vacantcloseapartments.,PerfectlyDiscriminatoryMonopolisticLandlord,Imaginethemonopolistkneweveryoneswillingness-to-pay.Charge$500tothemostwilling-to-pay,charge$490tothe2ndmostwilling-to-pay,etc.,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,1,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,p2=$490,1,2,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,p2=$490,1,2,p3=$475,3,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,p2=$490,1,2,p3=$475,3,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,p2=$490,1,2,p3=$475,3,pe,Discriminatorymonopolistchargesthecompetitivemarketpricetothelastrenter,andrentsthecompetitivequantityofcloseapartments.,RentControl,Localgovernmentimposesamaximumlegalprice,pmaxpe,thecompetitiveprice.,MarketEquilibrium,p,QD,QS,pe,100,MarketEquilibrium,p,QD,QS,pe,100,pmax,MarketEquilibrium,p,QD,QS,pe,100,pmax,Excessdemand,MarketEquilibrium,p,QD,QS,pe,100,pmax,Excessdemand,The100closeapartmentsarenolongerallocatedbywillingness-to-pay(lottery,lines,largefamiliesfirst?
).,WhichMarketOutcomesAreDesirable?
Whichisbetter?
RentcontrolPerfectcompetitionMonopolyDiscriminatorymonopoly,ParetoEfficiency,VilfredoPareto;1848-1923.AParetooutcomeallowsno“wastedwelfare”;i.e.theonlywayonepersonswelfarecanbeimprovedistoloweranotherpersonswelfare.,ParetoEfficiency,Jillhasanapartment;Jackdoesnot.Jillvaluestheapartmentat$200;Jackwouldpay$400forit.JillcouldsublettheapartmenttoJackfor$300.Bothgain,soitwasParetoinefficientforJilltohavetheapartment.,ParetoEfficiency,AParetoinefficientoutcomemeansthereremainunrealizedmutualgains-to-trade.Anymarketoutcomethatachievesallpossiblegains-to-trademustbeParetoefficient.,ParetoEfficiency,Competitiveequilibrium:
allcloseapartmentrentersvaluethematthemarketpricepeormoreallothersvaluecloseapartmentsatlessthanpesonomutuallybeneficialtradesremainsotheoutcomeisParetoefficient.,ParetoEfficiency,DiscriminatoryMonopoly:
assignmentofapartmentsisthesameaswiththeperfectlycompetitivemarketsothediscriminatorymonopolyoutcomeisalsoParetoefficient.,ParetoEfficiency,Monopoly:
notallapartmentsareoccupiedsoadistantapartmentrentercouldbeassignedacloseapartmentandhavehigherwelfarewithoutloweringanybodyelseswelfare.sothemonopolyoutcomeisParetoinefficient.,ParetoEfficiency,RentControl:
somecloseapartmentsareassignedtorentersvaluingthematbelowthecompetitivepricepesomerentersvaluingacloseapartmentabovepedontgetcloseapartmentsParetoinefficientoutcome.,HarderQuestions,Overtime,willthesupplyofcloseapartmentsincrease?
rentcontroldecreasethesupplyofapartments?
amonopolistsupplymoreapartmentsthanacompetitiverentalmarket?
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