4 o Walrasian Auction Continuous Trading Open Ascending

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o․ 가격결정방식 : 경매의 종류 - Walrasian Auction - Continuous Trading - Open Ascending Auction : English Auction - Open Descending Auction : Dutch Auction - First Price Sealed Bid Auction - Secon Price Sealed Bid Auction - Reverse Auction 5

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o․ 공급탄력성과 시간 : εs. LR > εs. SR - In the short run, farm production is inelastic because it is difficult to adjust production plan quickly - Capital and other inputs, e. g. land may not be readily available - Managers are hesitant to make large capital investment since the market condition can change quickly - As the planning time becomes longer, it is easier for managers to adjust to changes in prices or other factors affecting production o․ 비대칭적 공급탄력성 - 가격 상승 시 하락 시에 비해 더 탄력적 - 가격이 하락하더라도 생산의 감소 적음 : 매몰비용(sunk costs) ■ 매몰비용(Sunk Cost) Producers purchase inputs (capital items) that become fixed cost when the next production decision is made. These inputs can be fixed in their use when the salvage value is negligible. 9

2) 수요: qd = f(p, y, Z: α) derived from utility maximization given income o․ 소비자가 주어진 가격에 구매하고자 하는 물량(the amount a consumer is will ing to purchase at each price) o․ 주어진 물량을 소비하기 위해 기꺼이 지불할 수 있는 최대의 금액(maximum price that a consumer is willing to pay to obtain a given amount of a product) = 한계편익(marginal benefit) o․ Comments - 수요 vs. 소비 : schedule or MWTP vs. realized quantity - 수요 vs. 욕구 : desire must be translated into actual purchases with money in a market economy - 수요의 법칙(law of demand) : cor(q, p) < 0 ⅰ. 소득효과(income effect): a price decrease allows to purchase more with a fixed budget and vice versa ⅱ. 대체효과(substitution effect): a price decrease brings demand from demands for substitutes ⅲ. 소득격차(income variation): uneven distribution of income ⅳ. 효용체감(diminishing marginal utility): buy another unit if cost (price) for additional unit declines ⅴ. 선호차이(preference gap): those who don't like a product much purchase it only if it 10 is cheap enough

■ 수요의 종류(by motive) � Pipeline (Transaction) demand � Precautionary demand � Speculative demand 12

o․ 파생수요(derived demand: Qd)와 본원적 수요(final demand: Qr) - 파생수요는 본원적 수요 또는 소매수요에서 파생된 수요 Qd = f(Pd, Pr, Qr) - Margin = Pr - Pd o․ 소매가격의 경직성(Why are retail prices stickier than farm prices? ) : 반응 속도/방향 - 비탄력적 수요(inelastic demand) : why lower prices? - 굴절된 수요(kinked demand) : different responses below and above threshold price - 소매상의 전략적 가격책정(strategic pricing behavior) - 소비자의 불완전 정보(imperfect knowledge) 와 정보의 비대칭성(asymmetric information) - 소매상의 시장지배력(exercise of market power) - 과도한 메뉴 비용(too much menu cost) 14

<그림> kinked demand price stickiness 15