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For instance, the set of market prices is taken as given by a firm without market power

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Academic year: 2021

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(1)

It is the theory about the determinants of

and about their consequences in:

(2)

: the information used by agents to

take their decisions is summarized by a set of known parameters. For instance, the set of market prices is taken as given by a firm without market power.

example:

economic environments in which agents have no market power are analysed by means of

, markets with asymmetric information

(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)

a proportional change of all money prices and money income leaves the budget line unchanged

(11)

money is the numeraire

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