Market demand : theory and empirical evidence
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Bibliographic Information
Market demand : theory and empirical evidence
（Princeton legacy library）
Princeton University Press, [201-?], c1994
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Reprint. Originally published: Princeton, N.J. : Princeton University Press, 1994, in the series: Frontiers of economic research
"Print-on-demand"--Back cover
Includes bibliographical references and indexes
Description and Table of Contents
Description
In a major work that is the culmination of over a decade of intensive research, Werner Hildenbrand presents a new theory of market demand, the principal aim of which is to identify the conditions under which the Law of Demand holds true. Hildenbrand argues that the Law of Demand is due mainly to the "heterogeneity" of the population of households. In his view, "rationality" of individual behavior plays only a minor role. While the traditional approach to the theory of market demand is to analyze the question, To what extent are the postulated properties of individual behavior preserved by going from individual to market demand?, this book asks the question, Which properties of the market demand function are created by the aggregation process?. Two hypotheses on the population of households play a key role in Hilden-brand's thinking. The first is the "increasing dispersion" and the second the "increasing spread" of households' demand. These hypotheses can easily be interpreted and are a priori plausible. For a positive theory of market demand, according to Hildenbrand, it is more important that the hypotheses are well supported by empirical evidence.
His claims in this important new book are based on a nonparametric statistical data analysis of the U.K. Family Expenditure Survey and the French Enquete Budget de Famille. Originally published in 1994. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Table of Contents
Preface1Introduction31.1The Law of Market Demand31.2Wald's Axiom71.3Validation of Hypotheses on Market Demand91.4On Individual Behavior: Introspection and Plausibility101.5Substitution and Income Effects151.6Increasing Spread of Households' Demand191.7Family Expenditure Data: Increasing Spread of Conditional Demand221.8Increasing Dispersion262Market Demand302.1The Distribution of Households' Demand302.2A Microeconomic Model: The Distribution of Households' Characteristics352.3Hicks-Leontief Composite Commodity Theorem492.4Family Expenditure Surveys: The Data523Increasing Dispersion723.1The Hypothesis of Increasing Dispersion of Households' Demand743.2Examples883.3Empirical Evidence of Increasing Dispersion of Households' Demand93Conclusion to Chapter 3119Notes on Chapter 31204The Law of Demand1224.1The Hypothesis of Increasing Spread of Households' Demand1234.2Empirical Evidence of Increasing Spread1334.3Deductive Validation of Hypothesis 3156Notes on Chapter 4166App. 1. Monotone Functions168App. 2. Wald's Axiom171App. 3. The Weak Axiom of Revealed Preference and the Slutsky Decomposition175App. 4. Monotonicity of Individual Demand Functions180App. 5. Spread and Dispersion185App. 6. The Structure of the Matrix B [actual symbol not reproducible]187References195Author Index199Subject Index201Index of Frequently Used Symbols205
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