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复旦大学管理学院高级微观经济学课件
Consumer Theory III: Duality
1 The Dual Problem
1.1 Expenditure Minimization
1. The expenditure minimization problem:
min p:x
x
s:t: u (x) u;
x 0:
The solution to this problem tells us the minimum expenditure
that is necessary such that the consumerís utility is not lower than
u.
2. Solving this problem tells the decision-maker (e.g. the government)
the payment necessary to keep a personís utility above a minimum
level.
3. DeÖnitions: A solution to the expenditure minimization problem
is known as the Hicksian demand function and is denoted by
xh (p; u ) :
Substituting xh (p; u ) into the objective function gives us the ex-
penditure function
e (p; u ) p xh (p; u ) :
4. Properties of Hicksian Demand: Suppose u is continuous and strictly
increasing, then xh has the following properties:
1
(a) Homogeneity of degree zero in p . That is, xh (tp; u) = xh (p; u )
for all scalar t 0.
(b) No excess utility: u xh (p; u ) = u.
5. These properties are similar to those of the Marshallian demand.
Brieáy, (a) is obvious from the defn. of the minimization problem;
(b) follows from strict monotonicity.
6. Theorem: Suppose u is strictly increasing and xh (p; u ) is unique
for all p . Then for any p0 and p00 ;
00 0 h 00 h 0
(p p ) : x (p ; u) x (p ; u) 0:
7. Proof. We note that
h 00 h 0
u x (p ; u) = u x (p ; u) :
h
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