Single-valuedness of the demand correspondence and strict convexity of preferences: An equivalence result
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.
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- Mas-Colell, Andreu, 1977. "The Recoverability of Consumers' Preferences from Market Demand Behavior," Econometrica, Econometric Society, vol. 45(6), pages 1409-30, September.
- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, December.
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