EconPapers    
Economics at your fingertips  
 

Smooth preferences, symmetries and expansion vector fields

Andrea Mantovi ()

No 2016-EP01, Economics Department Working Papers from Department of Economics, Parma University (Italy)

Abstract: 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)
New Economics Papers: this item is included in nep-upt
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.swrwebeco.unipr.it/RePEc/pdf/I_2016-01.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Journal Article: Smooth preferences, symmetries and expansion vector fields (2016) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:par:dipeco:2016-ep01

Access Statistics for this paper

More papers in Economics Department Working Papers from Department of Economics, Parma University (Italy) Via J.F. Kennedy 6, 43100 PARMA (Italy). Contact information at EDIRC.
Bibliographic data for series maintained by Andrea Lasagni ().

 
Page updated 2019-11-20
Handle: RePEc:par:dipeco:2016-ep01