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We reformulate Grandmont's and its successors' notion of behavioral heterogeneity such as to get the exact insensitivity of the aggregate budget share function with respect to changes in prices and income, instead of a mere approximate insensitivity. We propose a non parametric set-up such that,...
Persistent link: https://www.econbiz.de/10005422866
This paper is a first step in answering B. Villemeur\'s (1998,1999) and Hildenbrand\'s (1998) criticism of the notions of behavioral heterogeneity introduced in demand theory by Grandmont (1992) and Kneip (1999). As in the Grandmont-Kneip approach, we define a notion of behavioral heterogeneity...
Persistent link: https://www.econbiz.de/10005230740
If one wants to get rid of the paradoxes pointed out by Hildenbrand (1998) and B. de Villemeur (1999), one needs to reformulate Grandmont's (1992) notion of behavioral heterogeneity such as to get exact insensitivity of the aggregate budget share function with respect to changes in prices and...
Persistent link: https://www.econbiz.de/10005385240
This paper is a first step in answering B. Villemeur\'s (1998,1999) and Hildenbrand\'s (1998) criticism of the notions of behavioral heterogeneity introduced in demand theory by Grandmont (1992) and Kneip (1999). As in the Grandmont-Kneip approach, we define a notion of behavioral heterogeneity...
Persistent link: https://www.econbiz.de/10005385248