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000796597 019__ $$a997431917$$a999440106$$a999705054$$a1002299592
000796597 020__ $$a9783319566962$$q(electronic book)
000796597 020__ $$a3319566962$$q(electronic book)
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000796597 08204 $$a330.071$$223
000796597 1001_ $$aHayashi, Takashi,$$eauthor.
000796597 24510 $$aGeneral equilibrium foundation of partial equilibrium analysis /$$cTakashi Hayashi.
000796597 264_1 $$aCham :$$bSpringer International Publishing :$$bImprint: Palgrave Macmillan,$$c2017.
000796597 300__ $$a1 online resource (xiv, 185 pages) :$$billustrations.
000796597 336__ $$atext$$btxt$$2rdacontent
000796597 337__ $$acomputer$$bc$$2rdamedia
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000796597 5050_ $$aChapter 1. Introduction -- Chapter 2.General Equilibrium Theory -- Chapter 3. Income Evaluation of Welfare Change: Equivalent Variation, Compensating Variation and Consumer Surplus -- Chapter 4. The Assumption of No Income E.
000796597 506__ $$aAccess limited to authorized users.
000796597 520__ $$aThis book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.--$$cProvided by publisher.
000796597 650_0 $$aEconomics.
000796597 650_0 $$aMicroeconomics.
000796597 650_0 $$aEducation$$xEconomic aspects.
000796597 650_0 $$aEnvironmental economics.
000796597 77608 $$iPrint version:$$z9783319566955$$z3319566954$$w(OCoLC)978289983
000796597 85280 $$bebk$$hSpringerLink
000796597 85640 $$3SpringerLink$$uhttps://univsouthin.idm.oclc.org/login?url=http://link.springer.com/10.1007/978-3-319-56696-2$$zOnline Access$$91397441.1
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