f**n
发帖数: 401 | 1 Hello, I am reading the book of "Demand System Specification and Estimation"
by Pollak and Wales, and I have a questions regarding price/demand
relationship and utility maximization:
Is a utilization maximization theory a must-needed foundation to develop a
demand modeling?
For example, the linear expenditure system can be regarded as the solution
to a utility maximization problem with the form of U(x) = sum a_k*log(x_k -
b_k) subject to sum p_k*x_k = \mu.
Is the utilization maximization necessary? Can a price/demand relationship
be developed from other theories (such as preferences/choices)?
Any comments or directions to papers/books are welcome. Thanks. |
i*******e
发帖数: 349 | 2 My 2 cents. Disclaimer: I am not a micro theorist.
A demand equation/system describes human behavior by linking quantity
demanded to price. Utility theory posits that people maximizes an objective,
often under the assumption of rationality. Under the weak axioms of
revealed preference, we know the Marshallian demand is downward sloping.
A alternative approach perhaps can start with some behavioral postulates/
axioms without specifying an objective (utility). Just like traditional
utility theory. I imagine this can be done in the context of a set endowed
with some relations. For instance, a set X contains all consumption bundles.
A behavioral postulate/axiom may state a consumer prefers bundle a to b in
a sunny day. Another can say the consumer prefers c to d at night, and so on
. Then one may be able apply the results of abstract algebra to obtain a
demand system from this axiomatic system.
Of course, price need to show up somewhere in the system. But I imagine the
law of demand should not show up as an axiom, otherwise it will be trivial. |
p***c
发帖数: 2403 | 3 Weak axiom只是保证了一个给定的选择函数可以被理性化，简单的说，一个人的行为“
看上去像”是他在最大化某个偏好（效用，如果效用函数存在的话）
但是这与“向下”倾斜的需求曲线无关
objective,
bundles.
in
【在 i*******e 的大作中提到】
: My 2 cents. Disclaimer: I am not a micro theorist.
: A demand equation/system describes human behavior by linking quantity
: demanded to price. Utility theory posits that people maximizes an objective,
: often under the assumption of rationality. Under the weak axioms of
: revealed preference, we know the Marshallian demand is downward sloping.
: A alternative approach perhaps can start with some behavioral postulates/
: axioms without specifying an objective (utility). Just like traditional
: utility theory. I imagine this can be done in the context of a set endowed
: with some relations. For instance, a set X contains all consumption bundles.
: A behavioral postulate/axiom may state a consumer prefers bundle a to b in
|
w****r
发帖数: 748 | 4 你从preference出发去得到需求函数当然不会有任何问题。而且一般来说，要不
Utility Maximization,要不preference。楼上也有人说过二者的关系。 |
i*******e
发帖数: 349 | 5 Thanks for the correction. My knowledge of this part of micro is rusty!
【在 p***c 的大作中提到】
: Weak axiom只是保证了一个给定的选择函数可以被理性化，简单的说，一个人的行为“
: 看上去像”是他在最大化某个偏好（效用，如果效用函数存在的话）
: 但是这与“向下”倾斜的需求曲线无关
:
: objective,
: bundles.
: in
|
f**n
发帖数: 401 | 6 Thanks. What books discuss the relationship between utility and price/demand
in great detail?
objective,
bundles.
in
【在 i*******e 的大作中提到】
: My 2 cents. Disclaimer: I am not a micro theorist.
: A demand equation/system describes human behavior by linking quantity
: demanded to price. Utility theory posits that people maximizes an objective,
: often under the assumption of rationality. Under the weak axioms of
: revealed preference, we know the Marshallian demand is downward sloping.
: A alternative approach perhaps can start with some behavioral postulates/
: axioms without specifying an objective (utility). Just like traditional
: utility theory. I imagine this can be done in the context of a set endowed
: with some relations. For instance, a set X contains all consumption bundles.
: A behavioral postulate/axiom may state a consumer prefers bundle a to b in
|
f**n
发帖数: 401 | 7 Thank you. I remember in one of Varian's book he says utilization
maximization is not really necessary and preference/choice can be an
alternative. Are they all equivalent?
【在 w****r 的大作中提到】
: 你从preference出发去得到需求函数当然不会有任何问题。而且一般来说，要不
: Utility Maximization,要不preference。楼上也有人说过二者的关系。
|
p***c
发帖数: 2403 | 8 真的要这两者等价，就需要strong axiom of revealed preference，因为任何一个
budget set不可能只包含两个或三个选择
【在 f**n 的大作中提到】
: Thank you. I remember in one of Varian's book he says utilization
: maximization is not really necessary and preference/choice can be an
: alternative. Are they all equivalent?
|
