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Groups and Markets - General Equilibrium with Multi-member Households (Hardcover, 1st ed. 2017)
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Groups and Markets - General Equilibrium with Multi-member Households (Hardcover, 1st ed. 2017)
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This monograph studies multi-member households or, more generally,
socio-economic groups from a purely theoretical perspective and
within a general equilibrium framework, in contrast to a sizeable
empirical literature. The approach is based on the belief that
households, their composition, decisions and behavior within a
competitive market economy deserve thorough examination. The
authors set out to link the formation, composition,
decision-making, and stability of households. They develop general
equilibrium models of pure exchange economies in which households
can have several, typically heterogeneous members and act as
collective decision-making units on the one hand and as competitive
market participants on the other hand. Moreover, the more advanced
models combine traditional exchange (markets for commodities) and
matching (markets for people or partners) and develop implications
for welfare, social structures, and economic policy. In the field
of family economics, Hans Haller and Hans Gersbach have pioneered a
'market' approach that applies the tools of general equilibrium
theory to the analysis of household behavior. This very interesting
book presents an overview of their methods and results. This is an
inspiring work. Pierre-Andre Chiappori, Columbia University, USA
The sophisticated, insightful and challenging analysis presented in
this book extends the theory of the multi-person household along an
important but relatively neglected dimension, that of general
equilibrium theory. It also challenges GE theorists themselves to
follow Paul Samuelson in taking seriously the real attributes of
that fundamental building block, the household, as a social group
whose decisions may not satisfy the standard axioms of individual
choice. This synthesis and extension of their earlier work by
Gersbach and Haller will prove to be a seminal contribution in its
field. Ray Rees, LMU Munich, Germany
General
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