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General Properties ...
General Properties of Expected Demand Functions: Negativity (No Giffen Good) and Homogeneity - A Descriptive Non Utility Maximizing Approach
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- Larsson, Lars-Göran, 1941 (författare)
- Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Department of Economics
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(creator_code:org_t)
- Göteborg : University of Gothenburg, 2010
- Engelska.
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Serie: Working Papers in Economics (online), 1403-2465 ; 469
- Relaterad länk:
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https://gup.ub.gu.se...
Abstract
Ämnesord
Stäng
- In this paper we assume that choice of commodities at the individual (household) level is made in the budget set and that the choice can be described by a probability density function. We prove that negativity (()0xExp∂<∂) is valid for one(x) or two choice variables (x, y) (No Giffen good).Negativity at the market level is valid by summation. The expected demand functions are homogeneous of degree zero in prices and income. We use general positive continuous functions f(x), f(x, y) defined on the bounded budget set. We transform them into probability density functions to calculate E(x) and prove negativity. The present approach use simple assumptions and is descriptive in its nature. Any choice behaviour that can be described by a continuous density function gives the above results. (,,)xyppm Why not keep descriptions as simple as possible?
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- Negativity (No Giffen good) and other properties of consumer demand functions
- Microeconomics
- Consumer theory
- Consumer behaviour
- Choice described in random terms
- Expected individual and market demand
Publikations- och innehållstyp
- vet (ämneskategori)
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