In a major work that is the culmination of over a decade of
intensive research, Werner Hildenbrand presents a new theory of
market demand, the principal aim of which is to identify the
conditions under which the Law of Demand holds true. Hildenbrand
argues that the Law of Demand is due mainly to the "heterogeneity"
of the population of households. In his view, "rationality" of
individual behavior plays only a minor role. While the traditional
approach to the theory of market demand is to analyze the question,
To what extent are the postulated properties of individual behavior
"preserved" by going from individual to market demand?, this book
asks the question, Which properties of the market demand function
are created by the aggregation process?.
Two hypotheses on the population of households play a key role
in Hilden-brand's thinking. The first is the "increasing
dispersion" and the second the "increasing spread" of households'
demand. These hypotheses can easily be interpreted and are a priori
plausible. For a positive theory of market demand, according to
Hildenbrand, it is more important that the hypotheses are well
supported by empirical evidence. His claims in this important new
book are based on a nonparametric statistical data analysis of the
U.K. Family Expenditure Survey and the French EnquA te Budget de
Famille.
Originally published in 1994.
The Princeton Legacy Library uses the latest print-on-demand
technology to again make available previously out-of-print books
from the distinguished backlist of Princeton University Press.
These paperback editions preserve the original texts of these
important books while presenting them in durable paperback
editions. The goal of the Princeton Legacy Library is to vastly
increase access to the rich scholarly heritage found in the
thousands of books published by Princeton University Press since
its founding in 1905."
General
Imprint: |
Princeton University Press
|
Country of origin: |
United States |
Series: |
Princeton Legacy Library |
Release date: |
June 2014 |
First published: |
July 2014 |
Authors: |
Werner Hildenbrand
|
Dimensions: |
229 x 152 x 12mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
216 |
ISBN-13: |
978-0-691-60609-5 |
Categories: |
Books >
Business & Economics >
Economics >
Microeconomics >
General
|
LSN: |
0-691-60609-9 |
Barcode: |
9780691606095 |
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