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The Marginalist School- Forerunners

The Marginalist School- Forerunners. Group 11: 刘玮晔 郝玉婷 杨文静 肖文彦 2012.9.27. Content. Introduction 刘玮晔 Antoine Augustin Cournot 郝玉婷 Jules Dupuit 杨文静 Johann Heinrich von Thünen 肖文彦.

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The Marginalist School- Forerunners

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  1. The Marginalist School- Forerunners Group 11: 刘玮晔 郝玉婷 杨文静 肖文彦 2012.9.27

  2. Content • Introduction 刘玮晔 • Antoine Augustin Cournot 郝玉婷 • Jules Dupuit 杨文静 • Johann Heinrich von Thünen 肖文彦

  3. Introduction Presenter:刘玮晔

  4. MARGINALISM Defination: In economics，marginalism as a kind of economic theory stems from marginal utility and marginal cost Main originators: William Stanley Jevons(杰文斯) Carl Menger (门格尔) Leon Walras (瓦尔拉斯) Develop different schools In common: put forward marginal utility theory of value Innovation: Use of commodity use value to explain the exchange value 利用商品的使用价值来解释交换价值 使用价值作为商品的一种品质，是商品拥有交换价值必不可少的特征与先决条件但是由于使用价值是一个被认为无法测度的特征因而未被用于解释交换价值 边际理论的关键是商品的使用价值不仅是可以被测度的而且随商品消费数量的增加而递减。商品的交换价值取决于所消费的最后一个单位带来的使用价值也就是边际效用 10/26/2014

  5. BACKGROUND economic and social problems cropped up in the wake of the industrial revolution Poverty is common though labor productivity developed Unfair distribution of income and wealth Economic fluctuation caused by unstable life ◆ Solutions to the problem in Europe The development of the socialist Support for trade unionism Strengthen government management ◆ 尽管古典经济学家的价值和分配理论不准确，政策主张正确 捍卫市场配置和分配 反对政府干预、谴责社会主义、试图阻止劳动者工会主义 10/26/2014

  6. METHODOLOGY Inheritance and supplement Completely free competition Theory of factor of production The liberal economy policy 注重边际量与理性经济行为 以微观经济（individual）分析为重点 使用抽象、演绎的方法，拒绝历史方法 强调完全竞争 需求导向的价格理论 强调主观效用和均衡分析方法 融合土地与资本品，将地主所得的报酬与利息理论放在一起 主张最小政府干预

  7. CONTRIBUTION • Use mathematical tools to analysis economic problems • Demand factor and individual decision making • Clearly define the foundation of economic analysis of the basic assumptions • Through the partial equilibrium analysisto simplify analysis and do further research •  Micro economic analysis is an important supplement for macro analysis 10/26/2014

  8. MARGINALISM 伯努利 （Daniel Bernoulli） 加里阿尼 （Ferdinando Galiani） 安德森 （James Anderson） 威斯特 （Edward West） 李嘉图 （David Ricardo） 马尔萨斯 （Thomas Robert Malthus） 安东尼·奥古斯丁·古诺（Antoine Augustin Cournot） 朱尔·杜皮特 （Jules Dupuit） 杜能 （Johann Heinrich von Thünen）

  9. Marginal analysis 价值利息与边际分析 伯努利（Daniel Bernoulli，1700-1782）在1738年发表的题为“测定风险新理论之解说”的论文中提出了风险厌恶、边际效用以及边际效用递减的思想，所说的风险包括在赌博、保险业和投资等各项事业在内。 加里阿尼（Ferdinando Galiani）在其名著《货币论》中最早提出了效用和稀缺性共同决定价值的原理，以及把资本利息归结为不同时间和地点的货币价值的差额。

  10. Marginal analysis 级差地租论与边际分析 安德森（James Anderson）最先提出了级差地租基本原理，从而把边际分析引进了地租学说，但其分析缺乏必要的价值理论基础。 威斯特（Edward West）在他的地租论中提出了“最后的或获利最少的资本部分”，即边际资本的概念，以之作为级差地租论的一个前提，但其分析仍缺乏必要的价值理论基础。 李嘉图是把地租论中的边际分析与劳动价值论联系起来的第一人 马尔萨斯的《地租的性质与发展》把安德森的边际分析原理纳入地租理论，并同供求价值论联系起来，但他的目的与安德森却截然相反。 同劳动价值论相结合的方向

  11. Exponents & Contribution 用数学方法研究和表述了在不同条件下价格决定的条件 《财富理论的数学原理之研究》 研究实际经济问题和政策抉择中运用了边际效用原理和方法 《公共工程效用的测量》 《论通行税和运输费用》 用边际分析的方法分析了分配问题，最先把边际原理广大到包括地租、利润和工资理论在内的全部分配理论 《孤立国》 Cournot Jules Dupuit Johann Heinrich von Thünen

  12. Antoine Augustin Cournot Presenter:郝玉婷 10/26/2014

  13. Antoine Augustin Cournot (1801-1877) 安东尼•奥古斯丁•古诺 • French mathematicians and economist • The first economist to apply mathematics effectively to the treatment of economic questions • Made important contributions with his discussion of supply and demand functions • Best known for his work in the field of oligopoly theory

  14. Biography Antoine Augustin Cournot was born at Gray in 1801. In 1821 he entered one of the most prestigious local school, and in 1829 he had earned a doctoral degree in mathematics, with mechanics as his main thesis supplemented by astronomy. After graduation, Cournot held many positions as professor of analysis and mechanics, chief examiner for undergraduate students, and rector of Dijon Academy.

  15. Main Work Researches into the Mathematical Principles of the Theory of Wealth, 1838 Used the application of the formulas and symbols of mathematics in economic analysis Highly criticized and not very successful during Cournot's lifetime Recognized as the point of departure for modern economic analysis today

  16. Main Idea Mathematical Methods Supply and Demand Equilibrium Under Conditions of Monopoly, Duopoly, and Perfect Competition

  17. Mathematical Methods He introduced differential calculus and the associated mathematics of maximization into economic analysis. Cournot believed that economic relationships can be treated mathematically with functions that are relatively general and subject to mostly qualitative restrictions.

  18. Supply and Demand He was the first economist to define and draw a demand curve to illustrate the relationship between price and demand. He proceeded to show that the profit-maximizing output for a producer is reached when the marginal cost equals the marginal revenue. He introduced the idea of elasticity of demand, though he did not use that phrase. The concept of the demand function was not clearly formulated.

  19. Pure Competition Cournot derived the familiar profit-maximization condition: Price = Marginal Cost

  20. Monopoly Cournot derived the rule that a profit-maximizing monopolist would follow in deciding what price to charge. This one-good-at-a-time approach is called partial equilibrium analysis. Assume that changes in that particular market will have no effect outside of that market. The monopoly pricing rule is the familiar condition that the price must be such that Marginal Revenue = Marginal Cost

  21. Price Marginal cost Demand Marginal revenue Monopoly Competitive quantity quantity Profit Maximization by a Monopoly Costs and Revenue Quantity 0

  22. Cournot competition A form of imperfect competition where all firms simultaneously decide how much to produce. If there are only two firms, it is known as Cournot duopoly. Cournot competition produces an equilibrium with price greater than the competitive price and lower than the monopoly price.

  23. Cournot competition Assumptions homogeneous product No collusion Firms have market power The number of firms is fixed Firms compete in quantities, and choose quantities simultaneously; The firms are economically rational, seeking to maximize profit given their competitors' decisions. 10/26/2014

  24. Price Marginal cost Marginal Demand1 revenue Monopoly quantity Profit Maximizing Duopolists There are two firms: A and B. This picture shows Firm A. If Firm B produces nothing, Firm A’s demand is Demand1. It produces the monopoly output. If Firm B begins to produce, Firm A will respond by producing less. If Firm B produces even more, Firm A will produce even less. The bigger is Firm B’s output, the smaller is Firm A’s production. Costs and Revenue Demand3 Demand2 Quantity 0 10/26/2014

  25. Duopoly Firm B’s production Firm A’s reaction curve Firm B’s monopoly output Firm B’s duopoly output Firm B’s reaction curve Firm A’s production 10/26/2014

  26. Duopoly Cournot showed that the output will be higher and the price will be lower in duopoly than in monopoly. A Cournot equilibrium becomes more similar to the competitive equilibrium the more firms there are, and the better substitutes their products are for one another. Cournot’s solution to this duopoly problem is the same as the solution now called Nash Equilibrium in modern game theory. 10/26/2014

  27. “Seeing Cournot as a precursor, and Nash as a successor, required that both be interpreted in a manner that rendered them consonant, so that, even though Nash had never read Cournot, we could still thereafter speak of the Cournot-Nash equilibrium.” ----Robert Leonard

  28. Jules Dupuit Presenter: 杨文静

  29. Biography • He was born in Fossano, Italy • he studied in Versailles - winning a Physics prize at graduation. • He then studied in the Ecole Polytechnic as a civil engineer. • He received a Légion d'honneur in 1843 for his work on the French road system, and shortly after moved to Paris. • He also studied flood management in 1848 and supervised the construction of the Paris sewer system. He died in Paris.

  30. Contributions • Works: On Tolls and Transport Charges On the Measure of the Utility of Public Works • Ideas: Demand Derived From Marginal Utility Relative Utility - Consumer Surplus Price Discrimination

  31. Demand Derived From Marginal Utility • His 1844 article was concerned with deciding the optimum toll for a bridge. • It was here that he introduced his curve of diminishing marginal utility.

  32. Demand Derived From Marginal Utility

  33. Demand Derived From Marginal Utility • Thus, the concept of diminishing marginal utility should translate itself into a downward-sloping demand function. In this way he identified the demand curve as the marginal utility curve. • This was the first time an economist had put forward a theory of demand derived from marginal utility. • Although not the first time that the demand curve had been drawn, it was the first time that it had been proved rather than asserted.

  34. Relative Utility - Consumer Surplus • Dupuit went on to define "relativeutility" as the area under the demand/marginal utility curve above the price. • A measure of the welfare effects of different prices – concluding that public welfare is maximized when the price (or bridge toll) is zero. This was later known as Marshall's "consumer surplus".

  35. Relative Utility - Consumer Surplus

  36. Price Discrimination E E

  37. Johann Heinrich von Thünen Presenter: 肖文彦

  38. Johann Heinrich von Thünen约翰·海因里希·冯·杜能 • German agriculturalist best known for his work on the relationship between the costs of commodity transportation and the location of production. • Main Contribution: • The Isolated State in Relation to Agriculture and Political Economy.(1826) • 孤立国和农业同国民经济的关系 (24 June 1783, – 22 September 1850)

  39. Background • In 1803, Thünen met the famous agricultural theorists Ritter, who had a great effect on his research of whole agriculture. • Then he ran the manor himself, and he later wrote the “isolated state” based on this experience. • In 1810 Thünen began gathering data for the book for which he is remembered, "The isolated state”(1826). In it he imagined an isolated city. 

  40. The isolated state • Agriculture Location Theory • Income Distribution Theory

  41. Agriculture Location Theory(农业区位理论） Assumptions: • The city is located centrally within an "Isolated State." • The Isolated State is surrounded by wilderness. • The land is completely flat and has no rivers or mountains. • Soil quality and climate are consistent. • Farmers in the Isolated State transport their own goods to market via oxcart（牛车）, across land, directly to the central city. There are no roads. • Farmers behave rationally to maximize profits.

  42. Agriculture Location Theory L = Y * (P – C)- Y * DF • L: Locational rent ( in DM/km2 ) • Y: Yield ( in t/km2) • P: Market price of the agricultural product (in DM/t) • C: Production cost of the agriculture product (in DM/t) • D: Distance from the market ( in km) • F: transport cost ( in DM/t * km) • Transportation cost ---- distance & kindof products “Economic man”(Adam Smith)

  43. Agriculture Location Theory L = Y * (P – C)- Y * DF • Land surfaces • Transport costs “Economic man”(Adam Smith)

  44. Agriculture Location Theory L = Y * (P – C)- Y * DF • L: Locational rent 50,000 DM/km2 • Y: Yield 1000 t/km2 • P: Market price 100 DM/t • C: Production cost 50 DM/t • D: Distance from the market 0 km • F: transport cost 1 DM/(t * km) “Economic man”(Adam Smith)

  45. Agriculture Location Theory L = Y * (P – C)- Y * DF • L: Locational rent 40,000 DM/km2 • Y: Yield 1000 t/km2 • P: Market price 100 DM/t • C: Production cost 50 DM/t • D: Distance from the market 10 km • F: transport cost 1 DM/(t * km) “Economic man”(Adam Smith)

  46. Agriculture Location Theory L = Y * (P – C)- Y * DF • L: Locational rent 20,000 DM/km2 • Y: Yield 1000 t/km2 • P: Market price 100 DM/t • C: Production cost 50 DM/t • D: Distance from the market 30 km • F: transport cost 1 DM/(t * km) “Economic man”(Adam Smith)

  47. Agriculture Location Theory L = Y * (P – C)- Y * DF • L: Locational rent DM/km2 • Y: Yield 1000 t/km2 • P: Market price 100 DM/t • C: Production cost 50 DM/t • D: Distance from the market km • F: transport cost 1 DM/(t * km) The amount each farmer is willing to pay for agricultural land will shrink and the price will eventually decline.

  48. Agriculture Location Theory L = Y * (P – C)- Y * DF • The cultivation of one kind of agricultural product is only worthwhile within certain distances from the city. • For each product there is a certain distance from the city where its production would be worthwhile.

  49. Thunen’s Ring 1: Diary and intensive farming 2: Firewood and timber(燃料) 3:Crops 4:Tanching(畜牧) 5: Wilderness

  50. Income distribution Theory • In the second volume of his great work, Von Thunen developed some of the mathematical foundations of marginal productivity theory and wrote about the Natural Wage. • Previous finding：Diminishing marginal utility • Thunen: • Max condition : W=MR=MC • W: the last worker’s marginal productivity

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