Everything about Marshallian demand function
Microeconomic function
In microeconomics, a consumer's Marshallian demand function is the quantity they demand of a particular good as a function of its price, their income, and the prices of other goods, a more technical exposition of the standard demand function. It is a solution to the utility maximization problem of how the consumer can maximize their utility for given income and prices. A synonymous term is uncompensated demand function, because when the price rises the consumer is not compensated with higher nominal income for the fall in their real income, unlike in the Hicksian demand function. Thus the change in quantity demanded is a combination of a substitution effect and a wealth effect. Although Marshallian demand is in the context of partial equilibrium theory, it is sometimes called Walrasian demand as used in general equilibrium theory. Wikipedia →
🧭 Start here: a 6-step reading path
- Read the overview: Marshallian demand functionA 5-minute orientation
- Pick up a classic book: Measuring Hicksian welfare changes from Marshallian demand functionsThe most-reprinted book on the subject
- Read the landmark paper: Using the cost function to generate Marshallian demand systemsCited 10 times
- Go sideways: Indirect utility functionA closely related topic
- Go sideways: Hicksian demand functionA closely related topic
📖 Definitions
No dictionary entry for this exact phrase.
🗂️ The subject at a glance
🏆 Landmark papers (most cited)
Using the cost function to generate Marshallian demand systems
The estimation of the Marshallian demand functions for the selected foodstuff groups according to the households income quartils
A systematic analysis of the links amongst the Marshallian, Hicksian, and Frischian demand functions: A note
Sustainable Energy Demand in Bangladesh: The Influence of Financial and Political Factors through Marshallian Demand Function
How to Calculate Welfare Measures Using Only Marshallian Demand Functions
The Substitution Effect from the Profit Function in Consumption: Expressions from the Marshallian, Hicksian, and Frischian demand functions
Marshallian and Hicksian demand functions without calculus
📚 Books worth reading
- 📕Measuring Hicksian welfare changes from Marshallian demand functionsJesus C. Dumagan · 1991
Ranked by number of editions on Open Library, a rough measure of how lasting a book is.
🔗 Related topics
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