Comparative Statics and Asset Substitutability/Complementarity in a Portfolio Model: A Dual Approach
用对偶方法研究n资产投资组合模型，通过间接期望效用和支出函数推导Slutsky方程，并分析资产间的替代/互补关系，得出可检验的实证含义。
This article uses a dual approach to investigate the properties of an n-asset portfolio model. The indirect expected utility and expenditure functions are used to provide an extremely simple derivation of Slutsky equations by obtaining results similar to Roy's Identity and Shephard's Lemma. The substitutability/complementarity relations among assets are investigated, and a number of empirically testable implications are deduced from the properties of the expenditure function.