Update supply_demand_heterogeneity.md #220
Conversation
✅ Deploy Preview for taupe-gaufre-c4e660 ready!
To edit notification comments on pull requests, go to your Netlify site settings. |
|
At the start of the lecture, add the following. """ OverviewIn the previous lecture, we studied competitive equilibria in an economy with many goods. While the results of the study were informative, we used a strong simplifying assumption: all of the agents in the economy are identical. In the real world, households, firms and other economic agents differ from one another along many dimensions. In this lecture, we introduce heterogeneity across consumers by allowing their preferences and endownments to differ. We will examine competitive equilibrium in this setting. We will also show how a "representative consumer" can be constructed. """ |
|
Take the dot point "A Production Economy will consist of" and shift it to the previous lecture, before the production economy class. |
|
Thanks @jstac. I've made your suggested changes. Also I made some other changes to make the lecture run more smoothly by restructuring the contexts, fixing some typos and unify math symbols (for example, use This PR is ready for review. Here's a preview: Looking forward to your comments and further advice. |
|
|
||
| Here we tudy how competitive equilibrium $p, c^1, c^2$ respond to different $b^i$ and $e^i$, $i \in \{1, 2\}. |
There was a problem hiding this comment.
(The final dollar sign is missing.)
|
Great job @shlff . Please see the minor requests above. |
| p=\tilde{\mu}^{-1}(\Pi^{\top}b-\Pi^{\top}\Pi e) | ||
| $$ | ||
| * an equilibrium price vector $p$ (normalized somehow) | ||
| * an equilibrium allocation $c_1, c_2, \ldots, c_m$ -- a collection of $m$ vectors of dimension $n \times 1$ |
There was a problem hiding this comment.
Chang from
|
|
||
| Here we study how competitive equilibrium $p, c_1, c_2$ respond to different $b_i$ and $e_i$, $i \in \{1, 2\}$. |
There was a problem hiding this comment.
Change
|
Excellent work with this PR and the multi good equilibrium lecture @shlff |
Hi @jstac this PR updates the lecture
supply_demand_heterogeneity.md, along with