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On luxury and equilibrium

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  • A. Mantovi

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Abstract

Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models and display positive relevance, along the lines discussed by Freixas and Mas-Colell (1987). The monotone comparative statics of the luxury effect is discussed. Pareto sets admit a simple characterization which generalizes the one set forth by Afriat (1987) for Cobb-Douglas exchange economies. Potential lines of progress are envisaged.

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Bibliographic Info

Paper provided by Department of Economics, Parma University (Italy) in its series Economics Department Working Papers with number 2014-EP02.

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Length: 26
Date of creation: 2014
Date of revision:
Handle: RePEc:par:dipeco:2014-ep02

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Keywords: Edgeworth Box; General Equilibrium; Luxury; Necessity; Comparative Statics; Pareto Set;

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  1. Andrea Mantovi, 2013. "On the commutativity of expansion and substitution effects," Journal of Economics, Springer, vol. 110(1), pages 83-105, September.
  2. Debreu, Gerard, 1976. "Regular Differentiable Economies," American Economic Review, American Economic Association, vol. 66(2), pages 280-87, May.
  3. Fuss, Melvyn & McFadden, Daniel & Mundlak, Yair, 1978. "A Survey of Functional Forms in the Economic Analysis of Production," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 4 McMaster University Archive for the History of Economic Thought.
  4. Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
  5. Chiappori, Pierre-Andre, 1985. "Distribution of Income and the "Law of Demand."," Econometrica, Econometric Society, vol. 53(1), pages 109-27, January.
  6. Freixas, Xavier & Mas-Colell, Andreu, 1987. "Engel Curves Leading to the Weak Axiom in the Aggregate," Econometrica, Econometric Society, vol. 55(3), pages 515-31, May.
  7. Binmore, Ken, 2007. "Playing for Real: A Text on Game Theory," OUP Catalogue, Oxford University Press, number 9780195300574, September.
  8. A. Mantovi, 2013. "Differential duality," Economics Department Working Papers 2013-EP05, Department of Economics, Parma University (Italy).
  9. Edgeworth, Francis Ysidro, 1881. "Mathematical Psychics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number edgeworth1881.
  10. Kihlstrom, Richard E & Mas-Colell, Andreu & Sonnenschein, Hugo, 1976. "The Demand Theory of the Weak Axiom of Revealed Preference," Econometrica, Econometric Society, vol. 44(5), pages 971-78, September.
  11. Charles Anderton & John Carter, 2004. "Vulnerable Trade: The Dark Side of an Edgeworth Box," Working Papers 0411, College of the Holy Cross, Department of Economics.
  12. Chakrabarty, Manisha & Hildenbrand, Werner, 2011. "Engel's Law Reconsidered," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 289-299.
  13. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January.
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  15. Quah, John K. -H., 2003. "Market demand and comparative statics when goods are normal," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 317-333, June.
  16. Hurwicz,Leonid & Reiter,Stanley, 2006. "Designing Economic Mechanisms," Cambridge Books, Cambridge University Press, number 9780521836418, April.
  17. Robert Chambers & Thomas Mitchell, 2001. "Homotheticity and Non-Radial Changes," Journal of Productivity Analysis, Springer, vol. 15(1), pages 31-39, January.
  18. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
  19. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, September.
  20. Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275, April.
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