The Law of Demand When Income Is Price Dependent
We identify sufficient conditions which guarantee that aggregate demand is approximately linear in income and satisfies a restricted form of the law of demand in a market where income is price dependent. The conditions involve the way preferences are distributed: loosely speaking, preferences have t...
| Publié dans: | Econometrica. - Wiley. - 65(1997), 6, Seite 1421-1442 |
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| Format: | Article en ligne |
| Langue: | English |
| Publié: |
1997
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| Accès à la collection: | Econometrica |
| Sujets: | The law of demand homothetic transformations exchange economies production economies heterogeneity Engel curves Economics Business |