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In this essay, we read McKenzie's seventeen paragraphs of 1957 on “demand theory without a utility index” as an opening to the narrative of 20th-century demand theory, and as a lever for the understanding of what has now reached culmination as the neoclassical theory of demand. In tracking...
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We provide necessary and sufficient conditions such that consumption and asset demands in an incomplete market setting can be rationalized by Kreps-Porteus-Selden preferences and provide a means for recovering the underlying unique representations of risk and time preferences. The incompleteness...
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A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer purchase histories across a wide array of markets and industries vastly expands the prospect for...
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