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Single-valuedness of the demand correspondence and strict convexity of preferences: An equivalence result

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  • Bilancini, Ennio
  • Boncinelli, Leonardo

Abstract

If preferences are rational and continuous, then strict convexity implies that the demand correspondence is single-valued (e.g. Barten and Böhm, 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.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:ecolet:v:108:y:2010:i:3:p:299-302
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    References listed on IDEAS

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    1. Mas-Colell, Andreu, 1977. "The Recoverability of Consumers' Preferences from Market Demand Behavior," Econometrica, Econometric Society, vol. 45(6), pages 1409-1430, September.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, Decembrie.
    3. Efe A. Ok, 2007. "Preliminaries of Real Analysis, from Real Analysis with Economic Applications," Introductory Chapters, in: Real Analysis with Economic Applications, Princeton University Press.
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    Cited by:

    1. Theodoros Diasakos & Georgios Gerasimou, 2017. "Preference Conditions for Invertible Demand Functions," Discussion Paper Series, School of Economics and Finance 201708, School of Economics and Finance, University of St Andrews, revised 23 Aug 2019.

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    More about this item

    Keywords

    Strict convexity Strict monotonicity Demand correspondence Single-valuedness Demand function;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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