On the Confirmation of the Law of Demand
The paper relates the microeconomic law of demand to the theories of empirical confirmation that are developed by Hempel and Popper, respectively. After restating the Hicksian basis of consumer theory and stressing that this theory has never subjected the law to a rigorous test, the paper analyzes Hildenbrand's novel contribution. In Market Demand (1994), Hildenbrand offers an original derivation of the law of demand to the market, with a view of making it eventually possible to test the law. The article shows that Hildenbrand's approach makes sense within a neo-Hempelian, as opposed to a Popperian, outlook on empirical confirmation, and it uses the case itself to argue for the former against the latt.
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- Martin Browning & Pierre-Andre Chiappori, 1994.
"Efficient Intra-Household Allocations: a General Characterization and Empirical Tests,"
Department of Economics Working Papers
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- M. Browning & P. A. Chiappori, 1998. "Efficient Intra-Household Allocations: A General Characterization and Empirical Tests," Econometrica, Econometric Society, vol. 66(6), pages 1241-1278, November.
- Browning, M. & Chiappori, P.A., 1994. "Efficient Intra-Household allocations: A General Characterization and Empirical Tests," DELTA Working Papers 94-16, DELTA (Ecole normale supérieure).
- Martin Browning & P.A. Chiappori, 1996. "Efficient Intra-Household Allocations - A General Characterization and Empirical Tests," Discussion Papers 96-10, University of Copenhagen. Department of Economics.
- Hardle, Wolfgang & Hildenbrand, Werner & Jerison, Michael, 1991.
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- Haerdle,W. Hildenbrand,W. Jerison,M., 1988. "Empirical evidence on the law of demand," Discussion Paper Serie A 193, University of Bonn, Germany.
- Blundell, Richard, 1988. "Consumer Behaviour: Theory and Empirical Evidence--a Survey," Economic Journal, Royal Economic Society, vol. 98(389), pages 16-65, March.
- George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152.
- Hicks, J. R., 1986. "A Revision of Demand Theory," OUP Catalogue, Oxford University Press, number 9780198285502, July.
- John S. Chipman & Jean-Sébastien Lenfant, 2002. "Slutsky's 1915 Article: How It Came to Be Found and Interpreted," History of Political Economy, Duke University Press, vol. 34(3), pages 553-597, Fall.
- Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
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