Symmetry Conditions for Market Demand Functions.
Systems of community excess demand (or aggregate market demand) functions, as opposed to individual demand functions, need not satisfy any restrictions other than an adding-up property (Walras' Law) if the number of consumers is greater than the number of goods (Sonnenschein (1972, 1973a, b), Debreu...
| Publicado en: | Review of Economic Studies Vol. 47; no. 3; pp. 595 - 602 |
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| Formato: | Artículo |
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Oxford University Press / USA
Apr80
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4621820&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4621820 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00346527 REM jtl: Review of Economic Studies issn: 00346527 maglogo: N pubinfo: dt: Apr80 vid: 47 iid: 3 pid: 622 pub: Oxford University Press / USA artinfo: ui: 4621820 10.2307/2297310 ppf: 595 ppct: 7 formats: tig: atl: Symmetry Conditions for Market Demand Functions. aug: au: Diewert, W.E. affil: University of British Columbia su: Demand function Economic demand Consumer preferences Consumer goods Utility theory Econometrics Economics Mathematical models of consumption sug: subj: Demand function Economic demand Consumer preferences Consumer goods Utility theory Econometrics Economics Mathematical models of consumption ab: Systems of community excess demand (or aggregate market demand) functions, as opposed to individual demand functions, need not satisfy any restrictions other than an adding-up property (Walras' Law) if the number of consumers is greater than the number of goods (Sonnenschein (1972, 1973a, b), Debreu (1974), McFadden et al. (1974), Mantel (1974, 1975), Diewert (1977)). In particular, in general there will be no symmetry restrictions of the type derived by Slutsky (1915) for a system of demand functions generated by a single utility maximizing consumer. This paper is concerned with the econometric implications of these results. In particular, we look for assumptions on either tastes or the distribution of income which will allow us to utilize the Slutsky symmetry conditions in the econometric estimation of market demand equations. In Section 2 we postulate that every consumer has the same preferences, and individual incomes can differ arbitrarily, while in Section 3 we allow for some variations in individual preferences, but the distribution of income is restricted. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1980 holdings: @attributes: islocal: N |
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