THE IDENTIFICATION OF PREFERENCES FROM MARKET DATA UNDER UNCERTAINTY

Andrés Carvajal and Alvaro Riascos ()

No 3599, Documentos CEDE from Universidad de los Andes, Facultad de Economía, CEDE

Abstract: We show that even under incomplete markets, the equilibrium manifold identifies aggregate demand and individual demands everywhere in their domains. Moreover, under partial observation of the equilibrium manifold, we we construct maximal domains of identification. For this, we assume conditions of smoothness, interiority and regularity, but avoid implausible observational requirements. It is crucial that there be date-zero consumption. As a by-product, we develop some duality theory under incomplete markets.

Keywords: Identification (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
Pages: 34
Date: 2005-08-16
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:col:000089:003599

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