A Discrete Characterization of Slutsky Symmetry
AbstractA smooth demand function is generated by utility maximization if and only if its Slutsky matrix is symmetric and negative semidefinite. Slutsky symmetry is equivalent to absence of smooth revealed preference cycles, of Hurwicz and Richter (1979). To observe such a cycle would require a continuum of data. We characterize Slutsky symmetry by means of discrete antisymmetric revealed preference cycles consisting of either three or four observations.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 8 (1996)
Issue (Month): 2 (August)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- David Jerison & Michael Jerison, 1996. "A discrete characterization of Slutsky symmetry (*)," Economic Theory, Springer, vol. 8(2), pages 229-237.
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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- Victor H. Aguiar & Roberto Serrano, 2013. "Slutsky Matrix Norms and the Size of Bounded Rationality," Working Papers 2013-16, Brown University, Department of Economics.
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