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The theory of household behaviour under rationing

Abstract:

This paper simplifies and extends the theory of household behaviour under rationing, using duality and the concept of ‘virtual’ prices. Slutsky-type equations, decomposing the derivatives of the rationed demand functions into income and substitution effects, are derived, and these derivatives are related to the corresponding derivatives of the unrationed demand functions for finite as well as infinitesimal ration levels. The results imply that the Keynesian demand multiplier is more likely bu...

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Publication status:
Published
Peer review status:
Peer reviewed

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Research group:
Industrial Economics
Oxford college:
Merton College
Role:
Author
More by this author
Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
Nuffield College
Role:
Author
Publisher:
North-Holland Publishing Company
Journal:
European economic review Journal website
Volume:
13
Issue:
1
Pages:
25-42
Publication date:
1980-01-01
DOI:
ISSN:
0014-2921
Language:
English
Keywords:
Subjects:
UUID:
uuid:d775c9ee-93f3-4878-b7a1-4e1046c42281
Local pid:
ora:2236
Deposit date:
2008-08-12

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