Demand functions and demand manifolds

Local Disaggregation of Negative Demand and Excess Demand Functions

The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or ’at a point’. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the ’at’ decom...

Demand Functions and a Characterization of Reflexivity

We show that in reflexive Banach spaces there are two classes of closed cones (consumption sets) i.e. cones whose any budget set is bounded and cones whose any budget set is unbounded. We prove that in the first category of these cones the demand correspondence of any upper semicontinuous preference relation exists and we show also that this property characterizes the reflexive spaces. Moreover...

Competition with supply and demand functions

If economic agents have to determine in advance their supply or demand in reaction to different market prices we may assume that their strategic instruments are supply or demand functions. The best examples for such markets are the spot markets for electricity in England and Wales, in Chile, in New Zealand, in Scandinavia and perhaps elsewhere. A further example is computerized trading in stock...

Conditional Demand Functions and Consumption Theory

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Habit Formation and Dynamic Demand Functions