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Drèze equilibria and welfare maxima

机译:德雷斯平衡与福利最大化

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摘要

We present an example of a production economy with incomplete markets, von Neumann–Morgenstern utility functions, and a unique Drèze equilibrium in order to illustrate and explain the following phenomenon. There exists a transfer scheme such that every shareholder’s utility after transfers and share adjustments increases the more the firm deviates from the Drèze equilibrium. However, shareholders’ welfare decreases the further the firm departs from the Drèze equilibrium. Shareholders’ welfare is defined as the sum of their utilities where every utility function is normalized such that the marginal utility of today’s consumption equals 1 at the Drèze equilibrium.
机译:我们以不完全市场,冯·诺伊曼–莫根斯滕效用函数和独特的德雷兹均衡为例,说明生产现象,以说明和解释以下现象。存在一种转移计划,即转移和股权调整后,每个股东的效用都会增加,而公司偏离德累兹均衡的程度就越大。但是,如果公司偏离德累兹均衡状态,股东的利益就会减少。股东的福利定义为他们的效用之和,其中每个效用函数都经过归一化处理,以使今天的消费的边际效用在Drèze平衡下等于1。

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