Talk:Contract curve
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Fair use rationale for Image:Pyat rublei 1997.jpg
[edit]
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BetacommandBot 11:24, 6 July 2007 (UTC)
Suggested Additions
[edit]For context, some discussion of the larger pure exchange economy model (of which the contract curve is just a small part) would be helpful. This is a very simple model used in welfare economics. The building blocks include two consumers, fixed quantities of two goods, and normally structured (i.e. convex) preferences. Agent X makes mutually beneficial trades with agent Y so long as X's marginal rate of substitution differs Y's. Trade continues until MRS(X) = MRS (Y),the Pareto efficient solution. On the diagram, Pareto Efficiency is the point where the two agents' indifference curves are tangent. The contract curve is the locus of Pareto efficient equilibria, running from southwest to northeast in the Edgeworth Box. — Preceding unsigned comment added by Zhuitink (talk • contribs) 01:53, 1 February 2011 (UTC)
As a non-economist I was unable to read the figures without outside help. Specific suggestions are: (1) I think that the figures should be labeled Fig.1 and Fig.2. (2) In Fig.1 the three sets of indifference curves should be explicitly given two labels (as in Fig.2), such as on the top right, A1 and A1 (nearer to Abby), which is tangent to O1 and O1 (nearer to Octavio). (3) Fig.2 should be re-drawn with clearer fonts. The parts of the lens, although obvious, should be explicitly labeled. Also, I believe that the indifference curve labels J and K should be interchanged, since to my understanding the curves should be parts of distorted circles centered at their labeler.
definition
[edit]Re: the contract curve is the individually rational subset of the Pareto set. In other words, it is the set of Pareto efficient allocations in an economy. - The Pareto set is the set of Pareto efficient allocations in an economy. The contract curve is the portion of the Pareto set lying (connecting) between the agents initial endowments - and even that's not a universal definition. Volunteer Marek 10:49, 8 February 2011 (UTC)
Notation
[edit]The category "Simple mathematical analysis" needs to define terms —Preceding unsigned comment added by 130.91.172.28 (talk) 00:09, 6 May 2011 (UTC)