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Two-stage budgeting: An extension of Gorman's theorem

Author

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  • Charles Blackorby

    (Department of Economics, University of British Columbia, Vancouver, British Columbia, V6T 1Z1, CANADA, and GREQAM, êcole des Hautes Etudes en Sciences Sociales, UniversitÊs d'Aix-Marseille II et III, rue de la CharitÊ, F-13002 Marseille, FRANCE)

  • R. Robert Russell

    (Department of Economics, University of California, Riverside, CA 92521-0427, USA)

Abstract

This note extends Gorman's [1959] classic result on two-stage budgeting to encompass the two-group cases that he assumed away. The proof, which exploits unpublished and recently published results not available to Gorman in 1959, makes it apparent that the entire structure needed for two-stage budgeting is, in fact, imbedded in the two-group case.

Suggested Citation

  • Charles Blackorby & R. Robert Russell, 1996. "Two-stage budgeting: An extension of Gorman's theorem," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(1), pages 185-193.
    • Handle: RePEc:spr:joecth:v:9:y:1996:i:1:p:185-193
    Note: Received: June 10, 1994; revised version May 1, 1995
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    Cited by:

    1. Aditya Goenka, 2004. "Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot," Econometric Society 2004 Australasian Meetings 234, Econometric Society.
    2. José Manuel Guttiérrez, 2004. "Partial equilibrium of consumers in an aggregative model," Cahiers de la Maison des Sciences Economiques b04081, Université Panthéon-Sorbonne (Paris 1).

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