Consumer Choice of Qualities.
Assuming lexicographic preferences where utility is a vector, standard consumer theory is a special case. A more general model permits a treatment of quality differences among goods. The main result is that the average quality of goods consumed is higher at higher incomes, a common observation not explained in the usual approaches. It is also shown that, excepting a singular case, the average quality is higher with a fall in price of any purchased good. Copyright 1990 by The London School of Economics and Political Science.
Year of publication: |
1990
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Authors: | Encarnacion Jr., Jose |
Published in: |
Economica. - London School of Economics (LSE). - Vol. 57.1990, 225, p. 63-72
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Publisher: |
London School of Economics (LSE) |
Saved in:
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