Journal of Political Economy Vol. 79 No. 3 1971
Preferences, Separability, and the Patinkin Model
Abstract
It has been shown that, in the Patinkin model--where real balances appear in the utility function--the traditional Slutsky results are lost. Here, it is argued that work by Baumol, Tobin, Patinkin, and others implies that the utility function is separable in a specific way. It is then shown that, if the utility function is separable in that way, then the traditional Slutsky results are reinstated.
- DOI
- 10.1086/259773
- Volume
- 79
- Issue
- 3
- Pages
- 642-651
- Language
- en
- Sources
- openalex crossref