On an Implication of a Theorem Due to Gorman

3 Pages Posted: 7 Jun 2011

See all articles by John M Heineke

John M Heineke

Santa Clara University - Leavey School of Business

Hersh Shefrin

Santa Clara University - Leavey School of Business

Date Written: December 11, 1985

Abstract

This letter explores the robustness (in an approximating sense) of a class of demand systems which have been discussed by Gorman. This class is of fundamental interest because it is known to be the only class of demand systems which permits exact aggregation. We discuss the reasons which underlie the fact that one can not guarantee that an integrable member of the Gorman class can be found which will be as close as one desires to an arbitrary, integrable demand system.

Keywords: Gorman class of demand, demand systems, exact aggregation

Suggested Citation

Heineke, John M and Shefrin, Hersh, On an Implication of a Theorem Due to Gorman (December 11, 1985). Economics Letters, Vol. 21, pp. 321-323, 1986. Available at SSRN: https://ssrn.com/abstract=1858859

John M Heineke (Contact Author)

Santa Clara University - Leavey School of Business ( email )

500 El Camino Real
Santa Clara, CA 95053
United States
408-554-4346 (Phone)
408-554-2331 (Fax)

Hersh Shefrin

Santa Clara University - Leavey School of Business ( email )

Dept. of Finance
Santa Clara, CA 95053
United States
408-554-6893 (Phone)
408-554-4029 (Fax)

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