Description
Book SynopsisIn a major work that is the culmination of over a decade of intensive research, Werner Hildenbrand presents a new theory of market demand, the principal aim of which is to identify the conditions under which the Law of Demand holds true. Hildenbrand argues that the Law of Demand is due mainly to the "heterogeneity" of the population of households.
Table of ContentsPreface1Introduction31.1The Law of Market Demand31.2Wald's Axiom71.3Validation of Hypotheses on Market Demand91.4On Individual Behavior: Introspection and Plausibility101.5Substitution and Income Effects151.6Increasing Spread of Households' Demand191.7Family Expenditure Data: Increasing Spread of Conditional Demand221.8Increasing Dispersion262Market Demand302.1The Distribution of Households' Demand302.2A Microeconomic Model: The Distribution of Households' Characteristics352.3Hicks-Leontief Composite Commodity Theorem492.4Family Expenditure Surveys: The Data523Increasing Dispersion723.1The Hypothesis of Increasing Dispersion of Households' Demand743.2Examples883.3Empirical Evidence of Increasing Dispersion of Households' Demand93Conclusion to Chapter 3119Notes on Chapter 31204The Law of Demand1224.1The Hypothesis of Increasing Spread of Households' Demand1234.2Empirical Evidence of Increasing Spread1334.3Deductive Validation of Hypothesis 3156Notes on Chapter 4166App. 1. Monotone Functions168App. 2. Wald's Axiom171App. 3. The Weak Axiom of Revealed Preference and the Slutsky Decomposition175App. 4. Monotonicity of Individual Demand Functions180App. 5. Spread and Dispersion185App. 6. The Structure of the Matrix B [actual symbol not reproducible]187References195Author Index199Subject Index201Index of Frequently Used Symbols205
