Two-stage budgeting: An extension of Gorman's theorem

Charles Blackorby and R. Robert Russell
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R. Robert Russell: Department of Economics, University of California, Riverside, CA 92521-0427, USA

Economic Theory, 1996, vol. 9, issue 1, 185-193

Abstract: This note extends Gorman's [1959] classic result on two-stage budgeting to encompass the two-group cases that he assumed away. The proof, which exploits unpublished and recently published results not available to Gorman in 1959, makes it apparent that the entire structure needed for two-stage budgeting is, in fact, imbedded in the two-group case.

Date: 1996
Note: Received: June 10, 1994; revised version May 1, 1995
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