A note on small income effects |
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Authors: | Takashi Hayashi |
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Institution: | Department of Economics, University of Texas at Austin, Austin, TX 78712, USA |
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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. |
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Keywords: | D11 |
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