By Kenneth J. Arrow
Publication through Kenneth J. Arrow, Frank H. Hahn
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Extra info for General Competitive Analysis
Suppose that inputs precede output by "one period"; production takes time. We are interested in situations in which the price expected by everyone for the period t + 1 is the same as that at t. ¡:1 111 GENERAL COMPETITIVE ANALYSIS MARKET EQUILIBRIUM : A FIRST APPROACH elementary idea; we do not pro pose to discuss here the determination of the equilibrium discount factor. 13(a) and (b ). In particular, note that there are still no durable inputs. 13(e) is modified as follows: carrying out the transactions they wish to carry out, it will also be true that, after these transactions, they will find themselves holding goods (if apy) in just the quantities they had planned.
The prices here are those that establish temporary equilibrium'at each moment in time. This means that the quantities of various goods that agents wish to hold will differ at different moments of time. It is evidently both useful apd legitimate to distinguish between an economy in which there is the full complement of futures markets, or that behaves as though there were such a full complement, and one that is not so fortunate. The equilibrium ofthe former economy might be called a "full" or "long-run" equilibrium, while the latter may be analyzed by means of a sequence of short-run equilibria.
A complete study of profit and supply functions is not intended. 3, we postulate that Yr is bounded above. Clearly this is not an assumption we should wish to retain indefinitely-it excludes, for instance, the case of constant returns to scale. When it is made, howover, then for given pE Sn, the function PYr always attains a maximum on Y1 . Accordingly, we introduce DEFINITION 6. f. 1 we have 7T¡(p) ;::: O, all pE Sn. We rnay also define r PRODUCTION DECISIONS AND THE BOUNDEDNESS OF THE ECONOMY 71 y1 E Y1} where Y1(p) is that Y 1 admitsfree disposal, in other words, that y1 E Y 1 and y~ ::; y1 irnply that y~ E Y1 .