{"title":"On luxury and Equilibrium","authors":"A. Mantovi","doi":"10.15353/rea.v6i2.1414","DOIUrl":null,"url":null,"abstract":"Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models. Such economies display fundamental positive properties, among which uniqueness and price tâtonnement stability of equilibrium. The monotone comparative statics of the luxury effect is discussed. Pareto sets admit a simple characterization, which generalizes the one set forth by Afriat (1987) so that a richer phenomenology is embraced. Potential lines of progress are envisaged. ","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":"1 1","pages":""},"PeriodicalIF":0.7000,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Economic Analysis","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.15353/rea.v6i2.1414","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models. Such economies display fundamental positive properties, among which uniqueness and price tâtonnement stability of equilibrium. The monotone comparative statics of the luxury effect is discussed. Pareto sets admit a simple characterization, which generalizes the one set forth by Afriat (1987) so that a richer phenomenology is embraced. Potential lines of progress are envisaged.
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