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A market
- Martin J. Osborne(author)
- Ariel Rubinstein(author)
Chapter of: Models in Microeconomic Theory: Expanded Second Edition (She)(pp. 121–136)
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| Title | A market |
|---|---|
| Contributor | Martin J. Osborne(author) |
| Ariel Rubinstein(author) | |
| DOI | https://doi.org/10.11647/OBP.0361.09 |
| Landing page | https://www.openbookpublishers.com/books/10.11647/obp.0361/chapters/10.11647/obp.0361.09 |
| 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 | This chapter, unlike in the previous one, assumes that the ownership of a house is recognized and protected. Each house is initially owned by some individual. Houses can be exchanged only with the mutual consent of both owners; no individual can force another individual to give up her house. The model allows us to introduce the central economic idea of prices as a means of guiding the individuals to a reallocation of the houses in which no group of individuals want to voluntarily exchange their houses. |
| Page range | pp. 121–136 |
| Print length | 15 pages |
| Language | English (Original) |
| Landing Page | Full text URL | Platform | |||
|---|---|---|---|---|---|
| https://books.openbookpublishers.com/10.11647/obp.0361.09.pdf | Landing page | https://books.openbookpublishers.com/10.11647/obp.0361.09.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