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Individual preference rankings compatible with prices, income distributions and total resources

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  • Yves Balasko

    ()

  • Mich Tvede

    ()

Abstract

We consider the problem of determining the individual preference rankings that are necessarily implied by a dataset consisting of prices, income distributions and total resources. We show the equivalence between the compatibility with individual preference rankings and the existence of a solution to a set of linear equalities and inequalities. Using this characterization, we give new proofs of the rationalizability of finite data sets where total resources are close to being collinear and the contractibility and pathconnectedness of the set that consists of rationalizable finite datasets.

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File URL: http://hdl.handle.net/10.1007/s00199-009-0468-7
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 45 (2010)
Issue (Month): 3 (December)
Pages: 497-513

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Handle: RePEc:spr:joecth:v:45:y:2010:i:3:p:497-513

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Related research

Keywords: Equilibrium manifold; Rationalizability; Testability; Pathconnectedness; D1; D5;

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References

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  1. Balasko, Yves & Tvede, Mich, 2009. "The geometry of finite equilibrium datasets," Journal of Mathematical Economics, Elsevier, vol. 45(5-6), pages 391-396, May.
  2. Chiappori, Pierre-Andre & Rochet, Jean-Charles, 1987. "Revealed Preferences and Differentiable Demand: Notes and Comments," Econometrica, Econometric Society, vol. 55(3), pages 687-91, May.
  3. Chiappori, P. -A. & Ekeland, I. & Kubler, F. & Polemarchakis, H. M., 2004. "Testable implications of general equilibrium theory: a differentiable approach," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 105-119, February.
  4. Donald J. Brown & Rosa L. Matzkin, 1995. "Testable Restrictions on the Equilibrium Manifold," Cowles Foundation Discussion Papers 1109, Cowles Foundation for Research in Economics, Yale University.
  5. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  6. Yves Balasko & Mich Tvede, 2003. "Individual preferences compatible with a finite number of equilibrium data: A linear programming characterization," Levine's Bibliography 666156000000000291, UCLA Department of Economics.
  7. Yves Balasko, 2004. "The equilibrium manifold keeps the memory of individual demand functions," Economic Theory, Springer, vol. 24(3), pages 493-501, October.
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Cited by:
  1. Balasko, Yves & Tvede, Mich, 2009. "The geometry of finite equilibrium datasets," Journal of Mathematical Economics, Elsevier, vol. 45(5-6), pages 391-396, May.
  2. Felix KUBLER & Karl SCHMEDDERS, . "Non-parametric counterfactual analysis in dynamic general equilibrium," Swiss Finance Institute Research Paper Series 09-05, Swiss Finance Institute.
  3. Andrés Carvajal, 2010. "The testable implications of competitive equilibrium in economies with externalities," Economic Theory, Springer, vol. 45(1), pages 349-378, October.
  4. Hans Keiding & Mich Tvede, 2013. "Revealed smooth nontransitive preferences," Economic Theory, Springer, vol. 54(3), pages 463-484, November.

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