Record Details

Analyzing Consumer’s Behaviour in Risk and Uncertainty Situations

International Journal of Economic Practices and Theories

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Field Value
 
Title Analyzing Consumer’s Behaviour in Risk and Uncertainty Situations
 
Creator Marinescu, Daniela Elena
Marin, Dumitru
Manafi, Ioana
 
Subject Cybernetics
compensated demand, risk aversion, Slutsky Equation, uncertainty, uncompensated demand
C61, D11, D53
 
Description In the paper we will generalize the Slutsky Equation in risk and uncertainty situations using the compensated and uncompensated demand and some local measures of risk aversion. We will obtain a nonlinear optimization problem of maximizing the expected utility; this problem will be solved using the Kuhn-Tucker method. We use the results to analyze the income and substitution effects of price changes on demand in risk and uncertainty conditions.
 
Publisher International Journal of Economic Practices and Theories
 
Contributor The European Social Fund through Sectorial Operational Programme Human Resources Development 2007-2013, project number POSDRU/1.5/59184 “Performance and excellence in postdoctoral research in Romanian economics science domain”.
 
Date 2011-10-15
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.ijept.org/index.php/ijept%20/article/view/14
 
Source International Journal of Economic Practices and Theories; Vol 1, No 2 (2011); 51-57
2247 – 7225
 
Language eng
 
Relation http://www.ijept.org/index.php/ijept%20/article/view/14/11