Continuous mean demand functions derived from non-convex preferences |
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Authors: | Egbert Dierker Hildegard Dierker Walter Trockel |
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Institution: | University of Bonn, Sonderforschungsbereich, 21, 5300 Bonn 1, Germany |
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Abstract: | In this paper we show that for a large subset of utility functions in the space of all C1 utility functions and for all prices the mean demand of those consumers whose taste is represented by a given utility function in that subset is uniquely determined. This implies that for a large set of economies mean demand is a continuous function. Our analysis uses derivatives of first and of higher order. The result is essentially a consequence of the multijet transversality theorem. |
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