Theoretical to the empirical analysis of demand

Mauricio Alviar ()

No 18, Grupo Microeconomía Aplicada from Universidad de Antioquia, Departamento de Economía

Abstract: This article is a synthesis of the demand theory and it intends to establish the link-unusual among as-between this theory and its applications which make it necessary to emphasize some particular aspects. After a brief review of the basic theoretical elements the author presents some characteristics that a demand function must fulfill according to theoretical requirements as well as some restrictions resulting from the budget equation which impose limits to the values if elasticity. Finally, some aspects of the duality in the demand theory, which are particularly useful from an empirical point of view, are presented.

Keywords: Demand; elasticity; homogeneity; duality; Roy’s theorem; Shepard’s lemm. (search for similar items in EconPapers)
Pages: 16 pages
Date: 2001
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