Not So Demanding: Demand Structure and Firm Behavior
提出用“需求流形”表示任何良好需求函数,该流形是弹性与凸性的平滑曲线,可作为比较静态的充分统计量,并用于分析异质性厂商的行业调整及全球化效应的量化评估。
We show that any well-behaved demand function can be represented by its “demand manifold,” a smooth curve that relates the elasticity and convexity of demand. This manifold is a sufficient statistic for many comparative statics questions; leads naturally to characterizations of new families of demand functions that nest most of those used in applied economics; and connects assumptions about demand structure with firm behavior and economic performance. In particular, the demand manifold leads to new insights about industry adjustment with heterogeneous firms, and can be empirically estimated to provide a quantitative framework for measuring the effects of globalization.