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The Law of Demand and Risk Aversion

Опубликовано на портале: 25-11-2004
Econometrica. 2003.  Vol. 71. No. 2. P. 713-721. 
This note proposes a necessary and sufficient condition on a preference to guarantee that the demand function it generates satisfies the law of demand. It shows that the law of demand may be succinctly characterized by differences in an agent`s level of risk aversion when she is confronted with different lotteries composed of commodity budnles.

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