| Co-Investigator(Kenkyū-buntansha) |
URAI Ken Fac.of Econ.Osaka Univ., Associate Professor, 経済学部, 助教授 (00203597)
IRITANI Jun Fac.of Econ.Kobe Univ., Professor, 経済学部, 教授 (30107106)
NAGATANI Hiroaki Jun Fac.of Econ.Osaka Univ., Professor, 経済学部, 教授 (30116074)
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| Research Abstract |
Firms in reality are subject to budget constraints which general equilibrium theorists have paid little attention. Using Morishima (1950,1992) model, our research project has dealt with firms that are subject to budgets pertaining to sales and investment decisions. A firm has diverse functions such as sales, production, inventory control, cash flow, financing, capital additions, personnel, research, and cost control. The budget pertaining to such items is a formal quantitative statement of management plans and policies for a given period. An individual consumer in the general equilibrium theory is assumed to be subject to a budget constraint. A firm in the economic reality is more so, whereas in the standard general equilibrium literature, no budget constraint appears in the description of behavior of firms.
Another aspect we have dealt with is the economics of the family and the general equilibrium theory. Fundamental in the household decision-making has been the question of compatibil
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ity of the solidarity of a family with the individualism of its members. When a wife and a husband differ in ownership of assets, in income prospects and in opportunities as well as in the future images of children, their desire for family savings or savings as individuals may differ in intensity. Our problem is to formulate a household decision-making structure under a complete individualistic framework in which each member of a household is allowed to entertain a different motivation for a family life, to install in such a family a paradigm of a complete reciprocal caring with the possibility of making a rational, altruistic and consistent plan with one another, to show that there exists a market equilibrium price bundle and a set of associated family plans that are Pareto efficient for the economy as a whole, and to show that for each such family plan there is no alternative family expenditure plan which may improve at least one member of the family while leaving no one worse off than before.
Our research of general equilibrium theory has been extended along the line of temporary equilibrium over many Hicksian weeks, with the view to incomplete market theory. Our project has covered also the tax incidence theory undcer the circumstance in which firms are subject to budget constraints. Less
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