Single-Valuedness of the Demand Correspondence and Strict Convexity of Preferences: An Equivalence Result
AbstractIf preferences are rational and continuous, then strict convexity implies that the demand correspondence is single-valued (e.g. Barten and B¨ohm, 1982, lemma 7.3). We show that if, in addition, preferences are strictly monotone then the converse is also true, namely single-valuedness of the demand correspondence implies strict convexity of preferences.
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Bibliographic InfoPaper provided by University of Modena and Reggio E., Dept. of Economics in its series Center for Economic Research (RECent) with number 035.
Length: pages 6
Date of creation: Oct 2009
Date of revision:
Publication status: Published in ECONOMICS LETTERS, 2010, vol. 108, pp. 299-302
Strict convexity; Strict monotonicity; Demand correspondence; Single-valuedness; Demand function;
Other versions of this item:
- Bilancini, Ennio & Boncinelli, Leonardo, 2010. "Single-valuedness of the demand correspondence and strict convexity of preferences: An equivalence result," Economics Letters, Elsevier, vol. 108(3), pages 299-302, September.
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
- Mas-Colell, Andreu, 1977. "The Recoverability of Consumers' Preferences from Market Demand Behavior," Econometrica, Econometric Society, vol. 45(6), pages 1409-30, September.
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