Market demand: a holistic theory and its verification

Vladimir Gorbunov

MPRA Paper from University Library of Munich, Germany

Abstract: The paper presents a revision of the contemporary reductionistic demand theory, replacing the studying object, i.e. an individual, with a fuzzy collection of market buyers, regarded as a “statistical ensemble of consumers”. The new holistic market demand theory formally retains the neoclassical demand theory with reconsidering the utility function as a collective one. A nonparametric verification method is presented, which uses the economic (Konüs) and formula Fisher indexes. The method has a variational character based on the theory of ill-posed problems. Verification is carried out simultaneously with the construction of Konüs indexes. The method is demonstrated on an example of the new Giffen demand model.

Keywords: Statistical; consumers’; ensemble; ∙; Collective; utility; function; ∙; Verification; ∙; Ill-posed; problems; ∙; Konüs; indexes; ∙; Giffen; demand (search for similar items in EconPapers)
JEL-codes: C18 C43 C61 D11 D12 (search for similar items in EconPapers)
Date: 2021-08-11
New Economics Papers: this item is included in nep-isf, nep-ore and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:109154

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