On Asset Prices in Exchange And Production Economies
On Asset Prices in Exchange And Production Economies
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Intuitively, the equilibrium stochastic process generated by any production economy can also be generated by an exchange economy that is endowed with the same stochastic process.
A direct empirical implication is that if a model is rejected in an exchange paradigm, introducing production and the concomitant restrictions will not change the result. We formalize this below.
Let 6 denote preferences, r technologies, E the set of exogenous processes on the aggregate consumption good, P the set of t...echnologies with production opportunities, and m(C, r) the set of equilibria for economy (e. R) .
Theorem U„m(^, f) 3 Um(e, r) ret -^ r I?
Proof. For 6^ t 6 and r^ « P let (8^, 0^) be a Joint equilibrium process on asset prices and consumption. A necessary condition for equilibrium is that the asset prices a^, be consistent with Cq, the optimal consumption for the household with preferences Sq. Thus, if (aQ, CQ) is an equilibrium then where g is defined by the first-order necessary conditions for household maximization.
What to read after On Asset Prices in Exchange And Production Economies?
You can find similar books in the "Read Also" column, or choose other free books by Rajnish Mehra to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Intuitively, the equilibrium stochastic process generated by any production economy can also be generated by an exchange economy that is endowed with the same stochastic process.
A direct empirical implication is that if a model is rejected in an exchange paradigm, introducing production and the concomitant restrictions will not change the result. We formalize this below.
Let 6 denote preferences, r technologies, E the set of exogenous processes on the aggregate consumption good, P the set of t...echnologies with production opportunities, and m(C, r) the set of equilibria for economy (e. R) .
Theorem U„m(^, f) 3 Um(e, r) ret -^ r I?
Proof. For 6^ t 6 and r^ « P let (8^, 0^) be a Joint equilibrium process on asset prices and consumption. A necessary condition for equilibrium is that the asset prices a^, be consistent with Cq, the optimal consumption for the household with preferences Sq. Thus, if (aQ, CQ) is an equilibrium then where g is defined by the first-order necessary conditions for household maximization.
What to read after On Asset Prices in Exchange And Production Economies?
You can find similar books in the "Read Also" column, or choose other free books by Rajnish Mehra to read onlineMoreLess
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