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OverviewIn a major work that is the culmination of over a decade of intensive research, Werner Hildenbrand presents a new theory of market demand, the principal aim of which is to identify the conditions under which the Law of Demand holds true. Hildenbrand argues that the Law of Demand is due mainly to the ""heterogeneity"" of the population of households. In his view, ""rationality"" of individual behavior plays only a minor role. While the traditional approach to the theory of market demand is to analyze the question, To what extent are the postulated properties of individual behavior preserved by going from individual to market demand?, this book asks the question, Which properties of the market demand function are created by the aggregation process?. Two hypotheses on the population of households play a key role in Hilden-brand's thinking. The first is the ""increasing dispersion"" and the second the ""increasing spread"" of households' demand. These hypotheses can easily be interpreted and are a priori plausible. For a positive theory of market demand, according to Hildenbrand, it is more important that the hypotheses are well supported by empirical evidence.His claims in this important new book are based on a nonparametric statistical data analysis of the U.K. Family Expenditure Survey and the French Enquete Budget de Famille. Originally published in 1994. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. Full Product DetailsAuthor: Werner HildenbrandPublisher: Princeton University Press Imprint: Princeton University Press Volume: 4451 Dimensions: Width: 15.20cm , Height: 1.20cm , Length: 22.90cm Weight: 0.028kg ISBN: 9780691606095ISBN 10: 0691606099 Pages: 216 Publication Date: 14 July 2014 Audience: College/higher education , Professional and scholarly , Tertiary & Higher Education , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Language: English Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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