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Efectos Sustitución y Renta en el caso de preferencias específicas
[Substitution and Income Effects in the case of specific preferences]

Author

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  • Arango Sánchez, Efraín

Abstract

This document analyzes the changes that suffer the amounts demanded of a good, due to changes in its price. For this we use the decomposition in Income and Substitution effects posed by Slutsky and Hicks in their work concerning the analysis of the demand. In general, when the price of a good varies the amount also change, according to the relation of the demand function with the price variable, these may increase or decrease depending on the function. In some cases according with the preferences of individuals, the change in the price of a good, it can affect the demand of the other good, depending on the relation between them, it means, there could be a relation of substitutability, complementarity or neutrality between goods that are analyzed. The preferences chosen to develop this document are those of Leontief type (fixed proportions - perfect complements), the formulas used of the substitution-effect and the income-effect are proposed by Hal Varian in his text Intermediate Microeconomics Edition 8th (Antoni Bosch).

Suggested Citation

  • Arango Sánchez, Efraín, 2015. "Efectos Sustitución y Renta en el caso de preferencias específicas [Substitution and Income Effects in the case of specific preferences]," MPRA Paper 64189, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:64189
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    More about this item

    Keywords

    Efecto-Sustitución; Efecto-Renta; Descomposición de Slutsky; Descomposición de Hicks; Poder Adquisitivo; Utilidad.;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D00 - Microeconomics - - General - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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