Solutions to Problem Set 3
نویسنده
چکیده
1. Note in the 2010 version of Professor Anderson’s Lecture 4 Notes, the characterization of the firm in a Robinson Crusoe economy is that it maximizes profit over feasible sets. This is incorrect, and the appropriate correction has been made. The correct description should coincide with our understanding of firms and agents from previous exchange economies and more general Arrow-Debreu economies that is, they do not take into account the size of the social endowment when making their decisions. For this problem set we will make an exception for those students who wrote their solutions for this exercise with the incorrect assumption in mind. However, in the future we will be operating under the correct assumption.
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