Price Mechanism Definition
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The functions of the price mechanism
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The quantity demanded for a consumer at different prices can be aggregated into a market demand. Market demand then is simply, the sum of all individual demand relationships. Figure 1, shows two individual demand relationships from different consumers, which has quantities demanded combined or sum up to the market quantities in the far right graph. The vertical axes always show price, which remains the same for individual and market demand curves, while the horizontal axes shows quantity. Because price remains the same for all three graphs, a single line P representing the same price can be drawn horizontally across all three graphs.
Quantity demand changes units from the individual to the market demand curve. Market quantities may be in thousands or millions of units depending on the size of a market. The degree by which quantity changes as price changes is called the price elasticity of demand. The demand curve is never actually known, at best it can only be estimated. In a dynamic world the demand relationship seldom remains static, but a single demand curve, theoretically keeps all other effects on demand constant ceteris paribus.
A change in these outside variables anything but the price of the good in question is shown graphically by a new shifted demand curve. To avoid confusion a change in these outside variables or a shift in the curve is called a change in demand. In some applications the designer may solve the first-order conditions for the price and allocation schedules yet find they are not monotonic. For example, in the quasilinear setting this often happens when the hazard ratio is itself not monotone. By the Spence—Mirrlees condition the optimal price and allocation schedules must be monotonic, so the designer must eliminate any interval over which the schedule changes direction by flattening it. Intuitively, what is going on is the designer finds it optimal to bunch certain types together and give them the same contract.
Normally the designer motivates higher types to distinguish themselves by giving them a better deal. If there are insufficiently few higher types on the margin the designer does not find it worthwhile to grant lower types a concession called their information rent in order to charge higher types a type-specific contract. Consider a monopolist principal selling to agents with quasilinear utility, the example above.
The proof uses the theory of optimal control. As before maximize the principal's expected payoff, but this time subject to the monotonicity constraint. As usual in optimal control the costate evolution equation must satisfy. The average distortion of the principal's surplus must be 0. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help to improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article may be too technical for most readers to understand. Please help improve it to make it understandable to non-experts , without removing the technical details. January Learn how and when to remove this template message.
This article appears to contain a large number of buzzwords. There might be a discussion about this on the talk page. Please help improve this article if you can. January Main article: Revelation principle. Main article: Revenue equivalence. Main article: Vickrey—Clarke—Groves mechanism. Main article: Gibbard—Satterthwaite theorem. Main article: Myerson—Satterthwaite theorem. Algorithmic mechanism design Alvin E. Reiter Designing Economic Mechanisms , p. Nobel Foundation. October 15, Retrieved See Fudenburg-Tirole Ch. Topics in game theory. Congestion game Cooperative game Determinacy Escalation of commitment Extensive-form game First-player and second-player win Game complexity Game description language Graphical game Hierarchy of beliefs Information set Normal-form game Preference Sequential game Simultaneous game Simultaneous action selection Solved game Succinct game.
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