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A discrete characterization of Slutsky symmetry (*)

Author

Listed:
  • David Jerison

    (Department of Mathematics, MIT, Cambridge, MA 02139, USA)

  • Michael Jerison

    (Department of Economics, SUNY, Albany, NY 12222, USA)

Abstract

A smooth demand function is generated by utility maximization if and only if its Slutsky matrix is symmetric and negative semidefinite. Slutsky symmetry is equivalent to absence of smooth revealed preference cycles, cf. Hurwicz and Richter (Econometrica 1979). To observe such a cycle would require a continuum of data. We characterize Slutsky symmetry by means of discrete "antisymmetric" revealed preference cycles consisting of either three or four observations.

Suggested Citation

  • David Jerison & Michael Jerison, 1996. "A discrete characterization of Slutsky symmetry (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 229-237.
    • Handle: RePEc:spr:joecth:v:8:y:1996:i:2:p:229-237
    Note: Received: June 8, 1995; Accepted: August 7, 1995
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    Cited by:

    1. M. Ali Khan & Edward E. Schlee, 2016. "On Lionel McKenzie's 1957 intrusion into 20th‐century demand theory," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 49(2), pages 589-636, May.
    2. Victor H. Aguiar & Roberto Serrano, 2013. "Slutsky Matrix Norms and the Size of Bounded Rationality," Working Papers 2013-16, Brown University, Department of Economics.

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