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Variants of an exchange economy
- Martin J. Osborne(author)
- Ariel Rubinstein(author)
Chapter of: Models in Microeconomic Theory: Expanded Second Edition (She)(pp. 157–174)
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| Title | Variants of an exchange economy |
|---|---|
| Contributor | Martin J. Osborne(author) |
| Ariel Rubinstein(author) | |
| DOI | https://doi.org/10.11647/OBP.0361.11 |
| Landing page | https://www.openbookpublishers.com/books/10.11647/obp.0361/chapters/10.11647/obp.0361.11 |
| License | http://creativecommons.org/licenses/by-nc-nd/4.0 |
| Copyright | Martin Osborne; Ariel Rubinstein |
| Publisher | Open Book Publishers |
| Published on | 2023-06-26 |
| Long abstract | In this chapter we study two variants of the model of an exchange economy that demonstrate the richness of the model. In the first variant we insert into the framework the basic model of supply and demand for a single indivisible good (with which you may be familiar from an introductory course in economics). In the second variant we use the framework to capture a situation in which individuals face uncertainty about the future resources. This variant is used to analyze markets for insurance and bets. |
| Page range | pp. 157–174 |
| Print length | 17 pages |
| Language | English (Original) |
| Landing Page | Full text URL | Platform | |||
|---|---|---|---|---|---|
| https://books.openbookpublishers.com/10.11647/obp.0361.11.pdf | Landing page | https://books.openbookpublishers.com/10.11647/obp.0361.11.pdf | Full text URL | Publisher Website |
Contributors
Martin J. Osborne
(author)Professor Emeritus of Economics at University of Toronto
Ariel Rubinstein
(author)Emeritus in School of Economics at Tel Aviv University
Professor of Economics at New York University