Hayashi, T. (2008) A note on small income effects. Journal of Economic Theory, 139(1), pp. 360-379. (doi: 10.1016/j.jet.2007.07.003)
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Abstract
This note provides an alternative sufficient condition for the small income effect result that is first shown by Vives [Small income effects: a Marshallian theory of consumer surplus and downward sloping demand, Rev. Econ. Stud. 54(1) (1987) 87–103]. The condition is stated by ordinal terms only, whereas Vives assumes cardinal properties of utility representation. Second, as its application, we provide a sufficient condition for the preference being asymptotically quasi-linear, in a two good economy where the second good is a composition of a large number of goods.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Hayashi, Professor Takashi |
| Authors: | Hayashi, T. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Journal of Economic Theory |
| Publisher: | Elsevier |
| ISSN: | 0022-0531 |
| Published Online: | 11 September 2007 |
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