Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.
Merton, Robert C. "A Simple Model of Capital Market Equilibrium with Incomplete Information." Journal of Finance 42, no. 3 (July 1987): 483–509.
Agents in this model begin each period with an endowment of food, the sole commodity. Their utility is a function of current consumption, which has to exceed a specified minimum to ensure survival, ...
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