A market with consumers and producers

doi:10.11647/obp.0362.12

DOI

https://doi.org/10.11647/OBP.0362.12

License

http://creativecommons.org/licenses/by-nc-nd/4.0

Copyright

Martin Osborne; Ariel Rubinstein

Published On

2023-06-26

Page Range

pp. 175–186

Language

English

Print Length

11 pages

A market with consumers and producers

Martin J. Osborne (author)
Ariel Rubinstein (author)

Chapter of: Models in Microeconomic Theory: Expanded Second Edition (He)(pp. 175–186)

This chapter describes two models that extend the model of an exchange economy to economies in which goods are produced. We do not analyze the models in detail, but only prove, for each model, one result regarding the Pareto stability of the equilibrium outcome.

Contributors

Martin J. Osborne

(author)

Professor of Economics at University of Toronto

https://orcid.org/0000-0001-8584-6176

Ariel Rubinstein

(author)

Emeritus in School of Economics at Tel Aviv University

Professor of Economics at New York University

https://orcid.org/0000-0003-1574-2659

https://arielrubinstein.tau.ac.il