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An exchange economy
- Martin J. Osborne(author)
- Ariel Rubinstein(author)
Chapter of: Models in Microeconomic Theory: Expanded Second Edition (She)(pp. 137–156)
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| Title | An exchange economy |
|---|---|
| Contributor | Martin J. Osborne(author) |
| Ariel Rubinstein(author) | |
| DOI | https://doi.org/10.11647/OBP.0361.10 |
| Landing page | https://www.openbookpublishers.com/books/10.11647/obp.0361/chapters/10.11647/obp.0361.10 |
| 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 discusses a market in which the goods can be consumed in any quantity: they are divisible. As in the previous chapter, the ownership of goods is recognized and protected. Each individual initially owns a bundle of goods. We look for a distribution of the goods among the individuals and a price system with the property that for each good the total amount the individuals want to purchase is equal to the total amount other individuals want to sell: demand and supply are equal. |
| Page range | pp. 137–156 |
| Print length | 19 pages |
| Language | English (Original) |
| Landing Page | Full text URL | Platform | |||
|---|---|---|---|---|---|
| https://books.openbookpublishers.com/10.11647/obp.0361.10.pdf | Landing page | https://books.openbookpublishers.com/10.11647/obp.0361.10.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