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On Duality In Random Utility Models

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  • Paolo Delle Site

    (DICEA Dept. of Civil Architectural and Environmental Engineering, CTL Centre of Research on Transport and Logistics, University of Rome La Sapienza)

Abstract

We provide the discrete choice, random utility counterparts of some basic results of consumer theory. For the primal problem and related Marshallian probabilities, we provide a new, simpler proof of Roy's identity at aggregate level and investigate price and income effects. For the dual problem and related Hicksian probabilities, we extend Shepard's lemma at aggregate level to unbound expenditure and investigate compensated price effects. We establish a primal-dual equivalence result and provide the counterpart of the Slutsky equation.

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File URL: http://host.uniroma3.it/centri/crei/pubblicazioni/workingpapers2013/CREI_05_2013.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by CREI Università degli Studi Roma Tre in its series Working Papers with number 0513.

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Length: 26 pages
Date of creation: 2013
Date of revision: 2013
Handle: RePEc:rcr:wpaper:05_13

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  1. Diewert, W E, 1981. "The Measurement of Deadweight Loss Revisited," Econometrica, Econometric Society, Econometric Society, vol. 49(5), pages 1225-44, September.
  2. John K. Dagsvik & Anders Karlstr�m, 2005. "Compensating Variation and Hicksian Choice Probabilities in Random Utility Models that are Nonlinear in Income," Review of Economic Studies, Oxford University Press, vol. 72(1), pages 57-76.
  3. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195102680, October.
  4. Viton, Philip A., 1985. "On the interpretation of income variables in discrete-choice models," Economics Letters, Elsevier, vol. 17(3), pages 203-206.
  5. Delle Site, Paolo, 2013. "Integration of choice probabilities in logit," Economics Letters, Elsevier, vol. 120(1), pages 57-60.
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