A note on small income effects

• 成果类型: Article
• 署名作者: Hayashi, Takashi
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.07.003
• 发表日期: 2008
• 页码: 360-379
• 关键词: Partial equilibrium analysis; small income effects.; asymptotic quasi-linearity

摘要

This note provides an alternative sufficient condition for the small income effect result that is first shown by Vives [Small income effects: a Marshallian theory of consumer surplus and downward sloping demand, Rev. Econ. Stud. 54(1) (1987) 87-103]. The condition is stated by ordinal terms only, whereas Vives assumes cardinal properties of utility representation. Second, as its application, we provide a sufficient condition for the preference being asymptotically quasi-linear, in a two good economy where the second good is a composition of a large number of goods. (c) 2007 Elsevier Inc. All rights reserved.