TY  - JOUR
AB  - We suggest in this paper to treat the problem of smoothing demand by aggregation in a two-step procedure, corresponding to the two different constituents of consumption characteristics, wealth and preferences. Instead of imposing a manifold structure on preferences we exploit the nice structure of wealth-space. The first step of this procedure, aggregation with respect to wealth, is carried out. It is shown that, for any preference, aggregation with respect to wealth yields a mean demand which is almost everywhere C 1. Moreover, it is shown that for an important class of preferences, vanishing Gaussian curvature of indifference surfaces does not destroy differentiability of the mean demand function.
DA  - 1980
DO  - 10.1016/0304-4068(80)90011-7
LA  - eng
IS  - 3
M2  - 227
PY  - 1980
SN  - 0304-4068
SP  - 227-247
T2  - Journal of Mathematical Economics
TI  - Smoothing demand by aggregation with respect to wealth
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-17814036
Y2  - 2024-11-24T00:51:56
ER  -