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- W2046915930 abstract "We extend the neoclassical theory of demand so that marginal consumers play a significant role in the determination of the elasticity of aggregate demand. Price-induced demand changes are decomposed into three effects: an aggregate substitution effect, an aggregate income effect, and an aggregate change-of-commodity effect. The final effect measures the rate at which consumers switch consumption to a similar commodity when the price of the commodity which they are currently consuming rises. Theories of consumers who pick one unit of one type of a differentiated commodity as well as the neoclassical theory obtain as special cases." @default.
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- W2046915930 date "1979-12-01" @default.
- W2046915930 modified "2023-09-27" @default.
- W2046915930 title "Marginal Consumers and Neoclassical Demand Theory" @default.
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- W2046915930 doi "https://doi.org/10.1086/260841" @default.
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