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A note on small income effects

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  • Hayashi, Takashi

Abstract

This note provides an alternative sufficient condition for the small income effect result that is first shown by Vives [Small income effects: a Marshallian theory of consumer surplus and downward sloping demand, Rev. Econ. Stud. 54(1) (1987) 87-103]. The condition is stated by ordinal terms only, whereas Vives assumes cardinal properties of utility representation. Second, as its application, we provide a sufficient condition for the preference being asymptotically quasi-linear, in a two good economy where the second good is a composition of a large number of goods.

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  • Hayashi, Takashi, 2008. "A note on small income effects," Journal of Economic Theory, Elsevier, vol. 139(1), pages 360-379, March.
    • Handle: RePEc:eee:jetheo:v:139:y:2008:i:1:p:360-379
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    1. Kannai, Yakar, 1977. "Concavifiability and constructions of concave utility functions," Journal of Mathematical Economics, Elsevier, vol. 4(1), pages 1-56, March.
    2. Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
    3. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, January.
    4. N. Georgescu-Roegen, 1936. "The Pure Theory of Consumers Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 50(4), pages 545-593.
    5. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, vol. 40(4), pages 603-615, July.
    6. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    7. Miyake, Mitsunobu, 2006. "On the applicability of Marshallian partial-equilibrium analysis," Mathematical Social Sciences, Elsevier, vol. 52(2), pages 176-196, September.
    8. Xavier Vives, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 54(1), pages 87-103.
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    Cited by:

    1. Tomoya KAZUMURA, 2020. "When can we design efficient and strategy-proof rules in package assignment problems?," Discussion papers e-21-008, Graduate School of Economics , Kyoto University.
    2. Hayashi, Takashi, 2013. "Smallness of a commodity and partial equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 148(1), pages 279-305.
    3. Deirdre Haskell & Jeremiah Hurley & Junying Zhao, 2023. "The Possibility of Anonymous Social Orderings Using Curvature of Indifference Hypersurfaces," Department of Economics Working Papers 2023-06, McMaster University.
    4. Hayashi, Takashi, 2014. "Consumer surplus analysis under uncertainty: A general equilibrium perspective," Journal of Mathematical Economics, Elsevier, vol. 55(C), pages 154-164.

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