A discrete characterization of Slutsky symmetry (*)

David Jerison and Michael Jerison
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David Jerison: Department of Mathematics, MIT, Cambridge, MA 02139, USA

Economic Theory, 1996, vol. 8, issue 2, 229-237

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, cf. Hurwicz and Richter (Econometrica 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.

Date: 1996
Note: Received: June 8, 1995; Accepted: August 7, 1995
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