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The Economic Record versus AER: Twenty Six Years Ahead on the Money-Goods Model

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Author Info
Quirino Paris (University of California, Davis)
Michael Caputo (University of California, Davis)
Abstract

We prove that the symmetric and negative semidefinite modified Slutsky matrix derived by Samuelson and Sato (1984) for the money-goods model of the consumer, is identical to that derived by Pearce (1958) a quarter century before and restated sixteen years later by Berglas and Razin (1974). We also prove that these conditions are only sufficient for the problem at hand and are encompassed by a more general, modified Slutsky matrix that is necessary and sufficient as derived by Paris and Caputo (2001). These results have crucial relevance for testing the implications of consumer behavior.

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File URL: http://repositories.cdlib.org/cgi/viewcontent.cgi?article=1018&context=are
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Publisher Info
Paper provided by Department of Agricultural & Resource Economics, UC Davis in its series Department of Agricultural & Resource Economics, UC Davis, Working Paper Series with number 1018.

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Date of creation: 01 Nov 2001
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Handle: RePEc:cdl:aredav:1018

Note: oai:cdlib1:are-1018
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Related research
Keywords: Money-goods models Slutsky Matrix Comparative statics

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