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 Enquete 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 editions preserve the original
texts of these important books while presenting them in durable
paperback and hardcover 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: |
Frontiers of Economic Research |
Release date: |
April 2016 |
First published: |
1994 |
Authors: |
Werner Hildenbrand
|
Dimensions: |
229 x 152 x 19mm (L x W x T) |
Format: |
Hardcover - Trade binding
|
Pages: |
216 |
ISBN-13: |
978-0-691-63493-7 |
Categories: |
Books >
Business & Economics >
Economics >
Microeconomics >
General
|
LSN: |
0-691-63493-9 |
Barcode: |
9780691634937 |
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