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Preferences and normal goods: An easy-to-check necessary and sufficient condition

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  • Bilancini, Ennio
  • Boncinelli, Leonardo

Abstract

We provide a necessary and sufficient condition for goods to be normal when utility functions are differentiable and strongly quasi-concave. Our condition is equivalent to the condition proposed by Alarie et al. (1990), but it is easier to check: it only requires to compute the minors associated with the border column (or row) of the bordered Hessian matrix of the utility function.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 108 (2010)
Issue (Month): 1 (July)
Pages: 13-15

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Handle: RePEc:eee:ecolet:v:108:y:2010:i:1:p:13-15

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Normal goods Bordered Hessian;

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  1. Alarie, Y. & Bronsard, C. & Ouellette, P., 1988. "Preferences And Normal Goods : A Necessary And Sufficient Condition," Cahiers de recherche 8815, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
  2. Leroux, Alain, 1987. "Preferences and normal goods: A sufficient condition," Journal of Economic Theory, Elsevier, vol. 43(1), pages 192-199, October.
  3. John K.-H Quah, 2007. "The Comparative Statics of Constrained Optimization Problems," Econometrica, Econometric Society, vol. 75(2), pages 401-431, 03.
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