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 B¨ohm, 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.
|Date of creation:||Oct 2009|
|Publication status:||Published in ECONOMICS LETTERS, 2010, vol. 108, pp. 299-302|
|Contact details of provider:|| Web page: http://www.recent.unimore.it/|
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- Mas-Colell, Andreu, 1977. "The Recoverability of Consumers' Preferences from Market Demand Behavior," Econometrica, Econometric Society, vol. 45(6), pages 1409-1430, September.
- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
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