By Raymond de Roover
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Extra resources for The Medici Bank: Its Organization, Management, Operations, and Decline
The London taxi market gives a 30 31 good example: drivers of black cabs who have passed the 'knowledge' test provide a high-quality market, leaving the lower end of the market to the minicab trade. Now suppose that we relax the minimum standard rule and restrict c < c = 1/3. 1 shows the relevant client reservation price schedule. This crosses the suppliers' reservation price schedule at c = 1. maxHowever, a low-quality equilibrium emerges since suppliers with 1 > c > 1/3 remainmax in the market at a price of .
The budget constraint for individual j is then: The intertemporal interpretation (a) of this model will be familiar to most readers. In this specification, B is a subjective discount function (so that 0 < B < 1) and R = (1 + r) > 1 where r is the safe interest rate. However, the idea of optimizing and trading between states (interpretation (b)) may not be so familiar. Suppose for example that current consumption has already been decided and that there is just one remaining future period and one good.
Page_30 page_31 next page > next page > Page 31 Unlike , this lies above , indicated by the 45Â° line. Now all suppliers who meet the standard come to market, establishing an equilibrium at cmax = 2. Average performance and (in a sellers' market) price is (xmax + xmin)/2 = (3 + 3/2)/2 = 2 1/4 > 2. This minimum standard allows a market to be established under asymmetric information. This is a second-best solution because profits, the basic measure of efficiency in this sellers' market, are less than under full information.
The Medici Bank: Its Organization, Management, Operations, and Decline by Raymond de Roover