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Roy-Consistent Expectations

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  • Marie Allard
  • Camille Bronsard
  • Yves Richelle

Abstract

In this paper two results are presented. Both refer to the impossibility theorem of Polemarchakis (1983). The Slutsky matrix of intratemporal and intertemporal substitution effects, associated with the individual short-run demand functions, is not arbitrary but symmetric if expectations are (strongly) Roy-consistent (and if the short-run marginal utility of income is continuously differentiable). The same matrix is symmetric and negative semi-definite under strong Royconsistency and a restriction on the expected second-order variation of future real income. These two results suppose a preliminary axiomatization of expectation functions. Weak and strong Roy-consistency are defined within this axiomatization.

Suggested Citation

  • Marie Allard & Camille Bronsard & Yves Richelle, 1990. "Roy-Consistent Expectations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 57(4), pages 661-675.
    • Handle: RePEc:oup:restud:v:57:y:1990:i:4:p:661-675.
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    File URL: http://hdl.handle.net/10.2307/2298091
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    Cited by:

    1. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, December.
    2. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.
    3. Camille Bronsard & Pierre Ouellette & Lise Salvas-Bronsard, 1994. "Politique financière de la firme et système complet de demande de facteurs," Économie et Prévision, Programme National Persée, vol. 112(1), pages 139-145.

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