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| Author: | McCausland, W.J. |
| Title: | Random consumer demand |
| Journal: | Economica
2009 : FEB, VOL. 76:301, p. 89-107 |
| Index terms: | consumer demand budget probability distribution |
| Language: | eng |
| Abstract: | This article presents a theory of random consumer demand. The starting point of this study is a collection of probability distributions on budgets. Axioms constrain these distributions. There are axioms such as transitivity, monotonicity and convexity. Results generate a complete representation of theoretically consistent demand. Empirical application is the purpose of this theory. The theory has desirable properties. Econometricians can apply it without adding extrinsic randomness in the form of errors. Random demand is represented by a single function on the consumption set. |
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