Smooth preferences, symmetries and expansion vector fields
Andrea Mantovi ()
No 2016-EP01, Economics Department Working Papers from Department of Economics, Parma University (Italy)
Tyson (2013) introduces the notion of symmetry vector field for a smooth preference relation, and establishes necessary and sufficient conditions for a vector field on consumption space to be a symmetry vector field. The structure of a such a condition is discussed on both geometric and economic grounds. It is established that symmetry vector fields do commute (i.e. have vanishing Lie bracket) for additive and joint separability. The marginal utility of money is employed as a normalization of the expansion vector field (Mantovi (2013) which results in the fundamental (expansion-) symmetry vector field. Finally, a characterization of symmetry vector fields is given in terms of their action on the distance function, and a pattern of complete response is discussed for additive preferences. Examples of such constructions are explicitly worked out. Potential implications of the results are discussed.
Keywords: Utility Function; Symmetry; Separability; Vector Field; Expansion Path; Distance Function (search for similar items in EconPapers)
JEL-codes: D01 D04 D11 (search for similar items in EconPapers)
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Journal Article: Smooth preferences, symmetries and expansion vector fields (2016)
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