A note on small income effects

Takashi Hayashi

Journal of Economic Theory, 2008, vol. 139, issue 1, 360-379

Abstract: This note provides an alternative sufficient condition for the small income effect result that is first shown by Vives [Small income effects: a Marshallian theory of consumer surplus and downward sloping demand, Rev. Econ. Stud. 54(1) (1987) 87-103]. The condition is stated by ordinal terms only, whereas Vives assumes cardinal properties of utility representation. Second, as its application, we provide a sufficient condition for the preference being asymptotically quasi-linear, in a two good economy where the second good is a composition of a large number of goods.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:139:y:2008:i:1:p:360-379

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