交換経済における予想の理論的分析 : 同次型効用関数をめぐって
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概要
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It is well known that there are two approaches to the dynamization of the General Equilibrium Theory. The first approach is that of assuming there is a complete set of futures markets. The second approach is that of viewing the economic system as a sequence of temporary equilibria. The former is referred to as the Arrow-Debreu model in which an equilibrium is reached at the beginning of all times and the remainder of economic activity consists of carrying out the equilibrium plans formulated at that time. It is clear that in this framework there is no price uncertainty and there would be no problem of the non-coincidence of payments and receipts. Of course, this model cannot accunt for active stock markets or money. Moreover in the real world, there is not a complete set of futures markets. So, in order to take into account price uncertainty and financial consideration in a formal model of the economy, we would take the second approach. In this paper, we consider a monetary spot economy and attempt to make clear the effects of individual expectation mechanisms upon their monetary spot economy's equilibrium allocations by using comparative statics method. We mean by the monetary spot economy, an intertemporal general equilibrium model of a competitive economy in which economic decisions are taken repeatedly in a sequence of successive markets and the money is the only store of value. As the money is the only one means to carry over and connect the present with the future, everyone's expectation is reflected as borrowing or lending of money. In this economy, everyone has a Cobb-Douglas utility function. Although in this model expectation mechanisms are taken as data of the system, they may make mistakes when forecasting their future environment. If the degrees of their expectations' mistakes change, what are the effects upon their intertemporal equilibrium allocations? In the following, several results are given for this question. The comparative studies of the Arrow-Debreu economy and the monetary spot economy are also presented.
- 日本大学の論文
- 1979-12-20
著者
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