THE ECONOMIC RECORD VERSUS AER: TWENTY SIX YEARS AHEAD ON THE MONEY-GOODS MODEL

Quirino Paris and Michael Caputo

No 11949, Working Papers from University of California, Davis, Department of Agricultural and Resource Economics

Abstract: We prove that the symmetric and negative semidefinite modified Slutsky matrix derived by Samuelson and Sato (1984) for the money-goods model of the consumer, is identical to that derived by Pearce (1958) a quarter century before and restated sixteen years later by Berglas and Razin (1974). We also prove that these conditions are only sufficient for the problem at hand and are encompassed by a more general, modified Slutsky matrix that is necessary and sufficient as derived by Paris and Caputo (2001). These results have crucial relevance for test-ing the implications of consumer behavior.

Keywords: Consumer/Household Economics; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 18
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ucdavw:11949

DOI: 10.22004/ag.econ.11949

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