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The identification of preferences from the equilibrium prices of commodities and assets

Author

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  • KÜBLER, Felix

    (Department of Economics, Yale University)

  • POLEMARCHAKIS, Heracles

    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individuals; this is the case even if the asset market is incomplete.

Suggested Citation

  • KÜBLER, Felix & POLEMARCHAKIS, Heracles, 1999. "The identification of preferences from the equilibrium prices of commodities and assets," CORE Discussion Papers 1999033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:1999033
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    File URL: https://uclouvain.be/en/research-institutes/immaq/core/dp-1999.html
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    References listed on IDEAS

    as
    1. P. Herings & Herakles Polemarchakis, 2005. "Pareto improving price regulation when the asset market is incomplete," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(1), pages 135-154, January.
    2. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
    3. Donsimoni, M. -P. & Polemarchakis, H. M., 1994. "Redistribution and welfare," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 235-242, May.
    4. Geanakoplos, J. D. & Polemarchakis, H. M., 1990. "Observability and optimality," Journal of Mathematical Economics, Elsevier, pages 153-165.
    5. Polemarchakis, H. M. & Rose, D., 1984. "Another proposition on the recoverability of cardinal utility," Journal of Economic Theory, Elsevier, vol. 34(1), pages 164-168, October.
    6. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, pages 603-615.
    7. Philip Dybvig & Heraklis Polemarchakis, 1981. "Recovering Cardinal Utility," Review of Economic Studies, Oxford University Press, vol. 48(1), pages 159-166.
    8. Lars Peter Hansen & James J. Heckman, 1996. "The Empirical Foundations of Calibration," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 87-104, Winter.
    9. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    10. Brown, Donald J & Matzkin, Rosa L, 1996. "Testable Restrictions on the Equilibrium Manifold," Econometrica, Econometric Society, pages 1249-1262.
    11. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
    12. Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
    13. Polemarchakis, H. M. & Selden, L., 1984. "On the recoverability of risk and time preferences from consumption and asset demands," European Economic Review, Elsevier, pages 115-133.
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    Cited by:

    1. P. Herings & Herakles Polemarchakis, 2005. "Pareto improving price regulation when the asset market is incomplete," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 135-154.

    More about this item

    Keywords

    equilibrium; identification;

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