With the advent of flexible functional forms and their superior econometric performance, the use of closed form utility functions is now limited co general equilibrium or simulation models. This is because they automatically satisfy the axioms of consumer behaviour and thus guarantee that a...

The objective of this paper to introduce the Slutsky demand curve as a tool in welfare analysis. It is shown that the compensating or equivalent variation can in most cases be measured to within a fraction of a percent of their true value without any numerical integration techniques. Two well...

Several models of economic behavior currently compete for an explanation of individual wealth accumulation. However, most focus upon a very limited set of saving motives. In this paper we build a general model of economic behavior, set in a stochastic environment, which incorporates multiple...