Lecturer : Constantinos
نویسندگان
چکیده
We start with a review of some elements from last lecture. Let us consider a marketplace where the excess demand on goods is a well-defined vector-valued function f(p) of the prices p. This happens, e.g., when traders’ utility functions are strictly concave, so that they have unique utility-optimizing bundles. In this case, the excess demand function is the difference of the total demand and the total supply on each good:
منابع مشابه
6.896 Probability and Computation
NOTE: The content of these notes has not been formally reviewed by the lecturer. It is recommended that they are read critically.
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