Econ 501b Lecture Notes
نویسنده
چکیده
Consider a bilateral trading market where there is one potential buyer and one potential seller of an object. The value that the buyer and seller place on the object depends on the products quality, . In particular, assume the value to the buyer is vB and the value to the seller is vS : Assume that the quality of the good is uniformly distributed between 0 and 1, U [0; 1]: Tomake the problem interesting assume vB > vS > 0: The buyer and seller both have quasilinear utility so if trade takes place at price p the payo¤ to the seller is vB p; and the payo¤ to the seller is p vS and so the total surplus from trade is then
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This is an attempt to make a carefully argued set of class notes freely available. The source code for these notes can be downloaded from www.econ.utah.edu/ehrbar/ecmet-sources.zip Copyright Hans G. Ehrbar under the GNU Public License The present version has those chapters relevant for Econ 7800.
متن کاملClass Notes Econ 7800 Fall Semester 2003
This is an attempt to make a carefully argued set of class notes freely available. The source code for these notes can be downloaded from www.econ.utah.edu/ehrbar/ecmet-sources.zip Copyright Hans G. Ehrbar under the GNU Public License The present version has those chapters relevant for Econ 7800.
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