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Dual approaches to utility

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  • Martín Browning

    (University of Copenhagen)

Abstract

This paper surveys some basic results on the representation of consumer preferences using duality methods. It has been prepared for inclusion in the forthcoming Handbook of Utility Theory. It is aimed at graduate students who have a solid background in economics but have not seen too much about this topic. The main purpose of the paper is to show how learning something about duality methods can make utility analysis much easier. To emphasise this, an optimal tax example is given at the beginning of the survey. The usual representations are discussed: the cost function; the indirect utility function; the distance function and the profit function. Examples of the use of each are given. The emphasis everywhere is on how quick and easy many duality methods are; relatively little attention is paid to mathematical detail.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1993-10.pdf
File Function: Fisrt version / Primera version, 1993
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1993-10.

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Length: 28 pages
Date of creation: Oct 1993
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1993-10

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  1. Begoña Subiza Martínez, 1993. "Numerical Representation Of Acyclic Preferences," Working Papers. Serie AD 1993-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Browning, M J, 1983. "Necessary and Sufficient Conditions for Conditional Cost Functions," Econometrica, Econometric Society, vol. 51(3), pages 851-56, May.
  3. Mirman, Leonard J & Samuelson, Larry & Urbano, Amparo, 1993. "Monopoly Experimentation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 549-63, August.
  4. Antonio Villar Notario, 1991. "A "Classical" General Equilibrium Model," Working Papers. Serie AD 1991-11, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  5. Herrero, Carmen & Villar, Antonio, 1991. "Vector mappings with diagonal images," Mathematical Social Sciences, Elsevier, vol. 22(1), pages 57-67, August.
  6. Heckman, James J, 1974. "Life Cycle Consumption and Labor Supply: An Explanation of the Relationship Between Income and Consumption Over the Life Cycle," American Economic Review, American Economic Association, vol. 64(1), pages 188-94, March.
  7. Browning, Martin & Deaton, Angus & Irish, Margaret, 1985. "A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle," Econometrica, Econometric Society, vol. 53(3), pages 503-43, May.
  8. Marhuenda, F, 1995. "Distribution of Income and Aggregation of Demand," Econometrica, Econometric Society, vol. 63(3), pages 647-66, May.
  9. Browning, Martin & Meghir, Costas, 1991. "The Effects of Male and Female Labor Supply on Commodity Demands," Econometrica, Econometric Society, vol. 59(4), pages 925-51, July.
  10. Cook, Philip J, 1972. "A 'One Line' Proof of the Slutsky Equation," American Economic Review, American Economic Association, vol. 62(1), pages 139, March.
  11. Bevia, Carmen & Corchon, Luis, 1995. "On the Generic Impossibility of Truthful Behavior: A Simple Approach," Economic Theory, Springer, vol. 6(2), pages 365-71, July.
  12. Thomas E. MaCurdy, 1980. "An Empirical Model of Labor Supply in a Life Cycle Setting," NBER Working Papers 0421, National Bureau of Economic Research, Inc.
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