Abstract
This paper establishes that the concavity of a consumer's utility function restricts the way in which the demand correspondence can fail to be lower semi-continuous. Two demand theoretic implications are drawn, one of which is that for a fixed endownment the demand correspondence is single-valued except on a set of prices having Lebesgue measure zero. There exist continuous, strictly monotone, and convex but not concavifiable preferences which violate this property.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 41-50 |
| Number of pages | 10 |
| Journal | Journal of Mathematical Economics |
| Volume | 9 |
| Issue number | 1-2 |
| DOIs | |
| State | Published - Jan 1982 |
All Science Journal Classification (ASJC) codes
- Economics and Econometrics
- Applied Mathematics
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