Normative Equilibrium
Seminar
Speaker
Ariel Rubinstein
Date
07/01/2019 - 12:30 - 11:00Add To Calendar
2019-01-07 11:00:00
2019-01-07 12:30:00
Normative Equilibrium
Paper: http://arielrubinstein.tau.ac.il/papers/NormativeEquilibrium.pdf
We introduce the notion of a normative equilibrium which brings harmony to "general equilibrium"- like environments. Norms stipulate what is permissible and what is forbidden. The main solution concept is a maximally permissive set of alternatives together with a feasible profile of optimal choices. The norms are uniform and play a role analogous to that of price systems in competitive equilibrium and also feature an element of "fairness" since all individuals face the same choice set. The solution concept is analysed and applied to a variety of economic settings.
Joint work with Michael Richter.
Economics Building (504). Room 011
אוניברסיטת בר-אילן - Department of Economics
Economics.Dept@mail.biu.ac.il
Asia/Jerusalem
public
Place
Economics Building (504). Room 011
Affiliation
TAU & NYU
Abstract
Paper: http://arielrubinstein.tau.ac.il/papers/NormativeEquilibrium.pdf
We introduce the notion of a normative equilibrium which brings harmony to "general equilibrium"- like environments. Norms stipulate what is permissible and what is forbidden. The main solution concept is a maximally permissive set of alternatives together with a feasible profile of optimal choices. The norms are uniform and play a role analogous to that of price systems in competitive equilibrium and also feature an element of "fairness" since all individuals face the same choice set. The solution concept is analysed and applied to a variety of economic settings.
Joint work with Michael Richter.
Last Updated Date : 04/12/2022
