General Equilibrium Foundation of Partial Equilibrium Analysis

Abstract

Preface -- Acknowledgements -- Contents -- List of Figures -- 1 Introduction -- 1.1 Introduction -- 1.2 The Econ 101 Presentation -- 1.3 It Can Be Restored, but at Some (Maybe Huge?) Cost -- 1.4 Apparent Determinateness -- 1.5 Partial Equilibrium as an Institutional Artifact -- 2 General Equilibrium Theory -- 2.1 Preference and Utility Function -- 2.2 Demand and Compensated Demand -- 2.2.1 Demand Function and Indirect Utility Function -- 2.2.2 Compensated Demand Function, Expenditure Function, and Income Compensation Function -- 2.3 Comparative Statics -- 2.4 General Equilibrium in Exchange Economies -- 2.4.1 Setting and Definitions -- 2.4.2 Efficiency -- 2.4.3 Differential Characterization -- 2.5 The Compensation Principle -- 2.6 Social Welfare Function -- 2.6.1 Arrovian Social Welfare Function -- 2.6.2 Bergson-Samuelson Social Welfare Function -- 2.6.3 Negishi Approach -- 2.7 General Equilibrium Under Uncertainty -- 2.7.1 The Environment -- 2.7.2 Arrow-Debreu Market -- 2.7.3 Sequential Trade -- 2.7.4 Market Incompleteness and Efficiency -- Notes -- References -- 3 Income Evaluation of Welfare Change: Equivalent Variation, Compensating Variation, and Consumer Surplus -- 3.1 Definitions -- 3.1.1 Single-Good Price Change -- 3.2 Recovery of Welfare Measure from Marshallian Demand -- 3.3 Individual Welfare Judgment: Comparison Between Status Quo and an Alternative -- 3.4 Individual Welfare Judgment: Comparison Between Alternatives -- 3.4.1 Equivalent Variation -- 3.4.2 Compensating Variation -- 3.5 Individual Welfare Judgment Based on Consumer Surplus -- 3.5.1 Path-Independence and Welfare -- 3.5.2 General Case -- 3.5.3 When Income Stays Constant -- 3.5.4 When Prices of a Subset of Good and Income Vary -- 3.6 Consistency of Social Welfare Judgment -- 3.6.1 Equivalent Variation -- 3.6.2 Compensating Variation -- 3.6.3 Consumer Surplus -- Notes

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General equilibrium foundation of partial equilibrium analysis

Hayashi, Takashi

Hayashi, Takashi

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