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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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References

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  16. 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.
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  18. 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.
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