中级微观课件·范里安版第9章讲义幻灯片.pptVIP

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中级微观课件·范里安版第9章讲义幻灯片.ppt

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Labor Supply C R R ? endowment ? m Labor Supply C R R ? endowment ? ? m Labor Supply C R R ? endowment ? ? m slope = , the ‘real wage rate’ Labor Supply C R R ? endowment ? ? m C* R* leisuredemanded laborsupplied Labor Supply Curve Slutsky’s Equation Revisited Slutsky: changes to demands caused by a price change are the sum of a pure substitution effect, and an income effect. This assumed that income y did not change as prices changed. But does change with price. How does this modify Slutsky’s equation? Slutsky’s Equation Revisited A change in p1 or p2 changes so there will bean additional income effect, called the endowment income effect. Slutsky’s decomposition will thus have three components a pure substitution effect an (ordinary) income effect, and an endowment income effect. Slutsky Equation with Endowments Or (-) (+) (+) Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1’ Initial prices are (p1’,p2’). Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1” x2” Initial prices are (p1’,p2’).Final prices are (p1”,p2”). x1’ Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1” x2” Initial prices are (p1’,p2’).Final prices are (p1”,p2”). How is the change in demandfrom (x1’,x2’) to (x1”,x2”) explained? x1’ Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1’ Initial prices are (p1’,p2’). Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1” x2” Initial prices are (p1’,p2’).Final prices are (p1”,p2”). x1’ Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Ordinary income effect T Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Ordinary income effect T Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Ordinary income effect T Endowment income effect T Slutsky’s Equation Revisited x1 w2 w1 x2 Pure substitution effect T Ordinary income eff