罗伊一致性预期

Roy-Consistent Expectations

Review of Economic Studies · 1990
被引 3
人大 A+FT50ABS 4*

中文导读

证明在罗伊一致性预期下,短期需求函数的斯卢茨基矩阵具有对称性;若加上未来实际收入二阶变动的限制,则矩阵还满足负半定性。

Abstract

In this paper two results are presented. Both refer to the impossibility theorem of Polemarchakis (1983). The Slutsky matrix of intratemporal and intertemporal substitution effects, associated with the individual short-run demand functions, is not arbitrary but symmetric if expectations are (strongly) Roy-consistent (and if the short-run marginal utility of income is continuously differentiable). The same matrix is symmetric and negative semi-definite under strong Royconsistency and a restriction on the expected second-order variation of future real income. These two results suppose a preliminary axiomatization of expectation functions. Weak and strong Roy-consistency are defined within this axiomatization.

Slutsky矩阵预期函数替代效应