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On Market Equilibrium Analysis

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  • Jean-Paul Chavas
  • Thomas L. Cox

Abstract

In this paper we develop the implications of competitive market equilibrium for production and household behavior when some prices are endogenously determined. The properties of market equilibrium functions are explored, including the effects of pricing policy. A Slutsky-type equation relating compensated and uncompensated market equilibrium functions is derived. Implications for multimarket welfare analysis are presented, focusing on the effects of pricing policy and technical change. Copyright 1997, Oxford University Press.

Suggested Citation

  • Jean-Paul Chavas & Thomas L. Cox, 1997. "On Market Equilibrium Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 500-513.
  • Handle: RePEc:oup:ajagec:v:79:y:1997:i:2:p:500-513
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    References listed on IDEAS

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    1. Hazilla, Michael & Kopp, Raymond J, 1990. "Social Cost of Environmental Quality Regulations: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 853-873, August.
    2. Braulke, Michael, 1987. "On the Comparative Statics of a Competitive Industry," American Economic Review, American Economic Association, vol. 77(3), pages 479-485, June.
    3. Heiner, Ronald A, 1982. "Theory of the Firm in "Short-Run" Industry Equilibrium," American Economic Review, American Economic Association, vol. 72(3), pages 555-562, June.
    4. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557-557.
    5. Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-597, September.
    6. Thurman, Walter N. & Easley, J. Jr., 1992. "Valuing changes in commercial fishery harvests: A general equilibrium derived demand analysis," Journal of Environmental Economics and Management, Elsevier, vol. 22(3), pages 226-240, May.
    7. Just, Richard E & Hueth, Darrell L, 1979. "Welfare Measures in a Multimarket Framework," American Economic Review, American Economic Association, vol. 69(5), pages 947-954, December.
    8. John E. Floyd, 1965. "The Effects of Farm Price Supports on the Returns to Land and Labor in Agriculture," Journal of Political Economy, University of Chicago Press, vol. 73, pages 148-148.
    9. W. E. Diewert, 1981. "The Elasticity of Derived Net Supply and a Generalized Le Chatelier Principle," Review of Economic Studies, Oxford University Press, vol. 48(1), pages 63-80.
    10. Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February.
    11. Braulke, Michael, 1984. "The Firm in Short-run Industry Equilibrium: Comment," American Economic Review, American Economic Association, vol. 74(4), pages 750-753, September.
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    Cited by:

    1. Reed, Albert J. & Levedahl, J. William & Hallahan, Charles B., 2004. "The Generalized Composite Commodity Theorem And Food Demand Estimation," 2004 Annual meeting, August 1-4, Denver, CO 20107, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Perrin, Richard K. & Fulginiti, Lilyan E., 1998. "Technological Change And Welfare In An Economy With Distortions," 1998 Annual meeting, August 2-5, Salt Lake City, UT 21013, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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