Law of demand. - ORA - Oxford University Research Archive

Abstract:: We formulate several laws of individual and market demand and describe their relationship to neoclassical demand theory. The laws have implications for comparative statics and stability of competitive equilibrium. We survey results that offer interpretable sufficient conditions for the laws to hold and we refer to related empirical evidence. The laws for market demand are more likely to be satisfied if commodities are more substitutable. Certain kinds of heterogeneity across individuals make the laws more likely to hold in the aggregate even if they are violated by individuals.

Actions

Email

Email this record

Send the bibliographic details of this record to your email address.

Your Email
Please enter the email address that the record information will be sent to.

-
Your message (optional)
Please add any additional information to be included within the email.
Share
Cite

Cite this record

APA Style

Jerison, M., & Quah, J. (2008). Law of demand. In S. Durlauf & L. Blume (Eds.), The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan.

MLA Style

Jerison, M, and J Quah. “Law of Demand.” The New Palgrave Dictionary of Economics, edited by S Durlauf and L Blume, 2nd ed., Palgrave Macmillan, 2008.

Chicago Style

Jerison, M, and J Quah. 2008. “Law of Demand.” In The New Palgrave Dictionary of Economics, 2nd ed., edited by S Durlauf and L Blume. Palgrave Macmillan.
Print

Access Document

Publisher copy:: 10.1057/9780230226203.0939

Authors

+ Jerison, M More by this author

Role:: Author

+ Quah, J More by this author

Role:: Author

Contributors

Role:: Editor

Role:: Editor

Publisher:: Palgrave Macmillan
Host title:: The New Palgrave Dictionary of Economics
Publication date:: 2008-01-01
Edition:: 2nd
DOI:: 10.1057/9780230226203.0939

Language:: English
UUID:: uuid:1becec2e-f978-43da-a854-4a1e2703a908
Local pid:: oai:economics.ouls.ox.ac.uk:14836
Deposit date:: 2011-08-16
ARK identifier:: ark:/29072/ora_1becec2ef97843daa8544a1e2703a908

Terms of use

Copyright date:: 2008

Licence:: Terms and Conditions of Use for Oxford University Research Archive

Views and Downloads

About views and downloads

If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP