MetadataShow full item record
The Hicksian definition of complementarity and substitutability may not apply in contexts in which agents are not utility maximisers or where price or income variations, whether implicit or explicit, are not available. We look for tools to identify complementarity and substitutability satisfying the following criteria: they are behavioural (based only on observable choice data); model‐free (valid whether the agent is rational or not); and they do not rely on price or income variation. We uncover a conflict between properties that it is arguably reasonable for a complementarity notion to possess. We discuss three different possible resolutions of the conflict.
Manzini , P , Mariotti , M & Ülkü , L 2019 , ' Stochastic complementarity ' , The Economic Journal , vol. 129 , no. 619 , pp. 1343-1363 . https://doi.org/10.1111/ecoj.12601
The Economic Journal
Copyright © 2018, Royal Economic Society, published by Wiley. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1111/ecoj.12601
DescriptionLevent Ulku acknowledges ﬁnancial sup port from the Asociacion Mexicana de Cultura.
Items in the St Andrews Research Repository are protected by copyright, with all rights reserved, unless otherwise indicated.