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Single-Valuedness of the Demand Correspondence and Strict Convexity of Preferences: An Equivalence Result

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  • Ennio Bilancini

    ()

  • Leonardo Boncinelli

    ()

Abstract

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.

Suggested Citation

  • Ennio Bilancini & Leonardo Boncinelli, 2009. "Single-Valuedness of the Demand Correspondence and Strict Convexity of Preferences: An Equivalence Result," Center for Economic Research (RECent) 035, University of Modena and Reggio E., Dept. of Economics "Marco Biagi".
  • Handle: RePEc:mod:recent:035
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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.
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    Cited by:

    1. Georgios Gerasimou & Theodoros Diasakos, 2017. "Preference Conditions for Invertible Demand Functions," Discussion Paper Series, Department of Economics 201708, Department of Economics, University of St. Andrews, revised 19 May 2017.

    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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