Munich Personal RePEc Archive

Market demand: a holistic theory and its verification

Gorbunov, Vladimir (2021): Market demand: a holistic theory and its verification.

[img]
Preview
PDF
MPRA_paper_109154.pdf

Download (603kB) | Preview

Abstract

The paper presents a revision of the contemporary reductionistic demand theory, replacing the studying object, i.e. an individual, with a fuzzy collection of market buyers, regarded as a “statistical ensemble of consumers”. The new holistic market demand theory formally retains the neoclassical demand theory with reconsidering the utility function as a collective one. A nonparametric verification method is presented, which uses the economic (Konüs) and formula Fisher indexes. The method has a variational character based on the theory of ill-posed problems. Verification is carried out simultaneously with the construction of Konüs indexes. The method is demonstrated on an example of the new Giffen demand model.

Logo of the University Library LMU Munich
MPRA is a RePEc service hosted by
the University Library LMU Munich in Germany.