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Groups and Markets

General Equilibrium with Multi-member Households

  • Hans Gersbach
  • Hans Haller

Table of contents

  1. Front Matter
    Pages i-x
  2. The Theme

    1. Front Matter
      Pages 1-1
    2. Hans Gersbach, Hans Haller
      Pages 3-12
    3. Hans Gersbach, Hans Haller
      Pages 13-21
    4. Hans Gersbach, Hans Haller
      Pages 23-31
  3. The Basic Framework

    1. Front Matter
      Pages 33-33
    2. Hans Gersbach, Hans Haller
      Pages 35-43
    3. Hans Gersbach, Hans Haller
      Pages 59-71
    4. Hans Gersbach, Hans Haller
      Pages 73-86
    5. Hans Gersbach, Hans Haller
      Pages 87-91
  4. Other Forms of Group Formation

    1. Front Matter
      Pages 93-93
    2. Hans Gersbach, Hans Haller
      Pages 95-107
    3. Hans Gersbach, Hans Haller
      Pages 109-114
  5. Extensions and Applications

    1. Front Matter
      Pages 115-115
    2. Hans Gersbach, Hans Haller
      Pages 117-140
    3. Hans Gersbach, Hans Haller
      Pages 141-160
    4. Hans Gersbach, Hans Haller
      Pages 161-171
    5. Hans Gersbach, Hans Haller
      Pages 173-181
    6. Hans Gersbach, Hans Haller
      Pages 183-186

About this book

Introduction

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-André 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 H

aller will prove to be a seminal contribution in its field.   

Ray Rees, LMU Munich, Germany

Keywords

Household decisions Household behavior Household formation Collective decision making Markets General equilibrium General equilibrium modeling Socio-economic groups Pure exchange economy Allocation mechanisms Welfare Matching Matching models Club models Economic policy Social structure

Authors and affiliations

  • Hans Gersbach
    • 1
  • Hans Haller
    • 2
  1. 1.Department of Management, Technology and EconomicsETH ZürichZurichSwitzerland
  2. 2.Department of EconomicsVirginia Polytechnic Institute and State UniversityBlacksburgUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-60516-6
  • Copyright Information Springer International Publishing AG 2017
  • Publisher Name Springer, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-60515-9
  • Online ISBN 978-3-319-60516-6
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking