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The identification of preferences from equilibrium prices

Kubler, Félix; Ekeland, Ivar; Chiappori, Pierre-André; Polemarchakis, Heracles (1999), The identification of preferences from equilibrium prices. https://basepub.dauphine.fr/handle/123456789/6360

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Type
Document de travail / Working paper
Date
1999
Publisher
Université catholique de Louvain
Series title
CORE Discussion Papers
Series number
2000-24
Published in
Louvain
Pages
22
Metadata
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Author(s)
Kubler, Félix
Ekeland, Ivar
Chiappori, Pierre-André
Polemarchakis, Heracles
Abstract (EN)
The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the identification of fundamentals from aggregate demand as a function of the prices of commodities and the distribution of income. The graph of the equilibrium correspondence or of the aggregate demand function satisfy non - trivial restrictions. The identification of fundamentals allows for the prediction of the response of individuals and the economy to changes in the organization of production and exchange, while restrictions on the equilibrium correspondence or the aggregate demand function imply that general equilibrium theory has testable implications.
Subjects / Keywords
testability; identification; equilibrium; aggregation
JEL
D1 - Household Behavior and Family Economics
D5 - General Equilibrium and Disequilibrium

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