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On Market Equilibrium Analysis
Author(s) -
Chavas JeanPaul,
Cox Thomas L.
Publication year - 1997
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1244147
Subject(s) - economics , partial equilibrium , welfare , microeconomics , competitive equilibrium , general equilibrium theory , production (economics) , market economy
In this paper we develop the implications of competitive market equilibrium for production and household behavior when some prices are endogenously determined. The properties of market equilibrium functions are explored, including the effects of pricing policy. A Slutsky‐type equation relating compensated and uncompensated market equilibrium functions is derived. Implications for multimarket welfare analysis are presented, focusing on the effects of pricing policy and technical change.