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The identification of preferences from equilibrium prices

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  • Kubler, Félix
  • Ekeland, Ivar
  • Chiappori, Pierre-André
  • Polemarchakis, Heracles
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    Abstract

    The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the identification of fundamentals from aggregate demand as a function of the prices of commodities and the distribution of income. The graph of the equilibrium correspondence or of the aggregate demand function satisfy non - trivial restrictions. The identification of fundamentals allows for the prediction of the response of individuals and the economy to changes in the organization of production and exchange, while restrictions on the equilibrium correspondence or the aggregate demand function imply that general equilibrium theory has testable implications.

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    File URL: http://basepub.dauphine.fr/xmlui/bitstream/123456789/6360/1/ekeland_aggreg.PDF
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    Bibliographic Info

    Paper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/6360.

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    Date of creation: 1999
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    Publication status: Published in CORE Discussion Papers, 1999
    Handle: RePEc:dau:papers:123456789/6360

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    Related research

    Keywords: testability; identification; equilibrium; aggregation;

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    References

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    1. Snyder, Susan K., 1999. "Testable restrictions of Pareto optimal public good provision," Journal of Public Economics, Elsevier, Elsevier, vol. 71(1), pages 97-119, January.
    2. Donald J. Brown & Rosa L. Matzkin, 1995. "Testable Restrictions on the Equilibrium Manifold," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1109, Cowles Foundation for Research in Economics, Yale University.
    3. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, Elsevier, vol. 7(3), pages 348-353, March.
    4. Geanakoplos, John, 1984. "Utility functions for Debreu's `excess demands'," Journal of Mathematical Economics, Elsevier, vol. 13(1), pages 1-9, April.
    5. Lars Peter Hansen & James J. Heckman, 1996. "The Empirical Foundations of Calibration," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 10(1), pages 87-104, Winter.
    6. McFadden, Daniel & Mas-Colell, Andreu & Mantel, Rolf & Richter, Marcel K., 1974. "A characterization of community excess demand functions," Journal of Economic Theory, Elsevier, Elsevier, vol. 9(4), pages 361-374, December.
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    Cited by:
    1. CHIAPPORI, Pierre-André & EKELAND, Ivar & KUBLER, Félix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices under uncertainty," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2000025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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