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Stochastic complementarity

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Manzini_EconDiscPap_1505revisedSep2016.pdf (296.5Kb)
Manzini_EconDiscPap_1505revisedMar2017.pdf (296.6Kb)
Date
12/03/2017
Author
Manzini, Paola
Mariotti, Marco
Ülkü, Levant
Keywords
Complements and substitutes
Correlation
Stochastic choice
HB Economic Theory
BDC
R2C
~DC~
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Abstract
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 any complementarity notion should intuitively possess. We discuss three different possible resolutions of the conflict.
Citation
Manzini , P , Mariotti , M & Ülkü , L 2017 ' Stochastic complementarity ' School of Economics & Finance Discussion Paper , no. 1505 , University of St Andrews , St Andrews .
ISSN
0962-4031
Type
Working or discussion paper
Rights
Copyright (c)2016 the authors
Description
Revised March 2016, September 2016 and March 2017
Collections
  • University of St Andrews Research
URL
https://ideas.repec.org/p/san/wpecon/1505.html
URI
http://hdl.handle.net/10023/7771

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