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A Discrete Characterization of Slutsky Symmetry

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  • Jerison, David
  • Jerison, Michael

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, of Hurwicz and Richter (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

  • Jerison, David & Jerison, Michael, 1996. "A Discrete Characterization of Slutsky Symmetry," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 229-237, August.
    • Handle: RePEc:spr:joecth:v:8:y:1996:i:2:p:229-37
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    Cited by:

    1. Victor H. Aguiar & Roberto Serrano, 2013. "Slutsky Matrix Norms and the Size of Bounded Rationality," Working Papers 2013-16, Brown University, Department of Economics.
    2. 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.

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