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Rationing, Income Effects and Supply Response: A Theoretical Note

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  • Besley, Timothy J

Abstract

This note looks at the effect of rationing on supply response in a model of an agent who both produces and consumes. The author shows th at if the Le Catelier principle is to be violated, it must be because income effects are powerful; since in their absence the supply respon se is always positive. The model here is shown to be related to a model of entrepreneurship and income effects in the theory of the firm analyzed by Jan de V. Graaff some years ago. Copyright 1988 by Royal Economic Society.

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  • Besley, Timothy J, 1988. "Rationing, Income Effects and Supply Response: A Theoretical Note," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 378-389, June.
    • Handle: RePEc:oup:oxecpp:v:40:y:1988:i:2:p:378-89
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    Cited by:

    1. Sonoda, Tadashi, 2004. "“Internal Instability" of Peasant Households: A Further Analysis of the de Janvry, Fafchamps, and Sadoulet Model," Japanese Journal of Agricultural Economics (formerly Japanese Journal of Rural Economics), Agricultural Economics Society of Japan (AESJ), vol. 6, pages 1-12.
    2. Giuseppe Arcangelis & Majlinda Joxhe, 2021. "Intra-household allocation with shared expenditure choices: experimental evidence from Filipino migrants," Review of Economics of the Household, Springer, vol. 19(4), pages 1245-1274, December.
    3. Giuseppe Arcangelis & Majlinda Joxhe, 0. "Intra-household allocation with shared expenditure choices: experimental evidence from Filipino migrants," Review of Economics of the Household, Springer, vol. 0, pages 1-30.

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