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The Identification of Preferences from Equilibrium Prices

Felix Kubler, Pierre-Andre Chiappori, Ivar Ekeland and Heracles M. Polemarchakis
Additional contact information
Pierre-Andre Chiappori: Department of Economics - University of Chicago
Ivar Ekeland: CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, Institut of Finance - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres
Heracles M. Polemarchakis: Department of Economics - Brown University, CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain

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Abstract: The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the identification of fundamentals from aggregate demand as a function of the prices of commodities and the distribution of income. The graph of the equilibrium correspondence or of the aggregate demand function satisfy non - trivial restrictions. The identification of fundamentals allows for the prediction of the response of individuals and the economy to changes in the organization of production and exchange, while restrictions on the equilibrium correspondence or the aggregate demand function imply that general equilibrium theory has testable implications.

Keywords: aggregation; equilibrium; identification; testability.; testability (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (7)

Published in 2000

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