Slutsky Matrix Norms And The Size Of Bounded Rationality
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Slutsky Matrix Norms and the Size of Bounded Rationality
Author | : Victor Aguiar |
Publisher | : |
Total Pages | : 0 |
Release | : 2014 |
Genre | : |
ISBN | : |
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Given any observed demand behavior by means of a demand function, we quantify by how much it departs from rationality. Using a recent elaboration of the "almost implies near" principle, the measure of the gap is the smallest norm of the correcting matrix that would yield a Slutsky matrix with its standard rationality properties (symmetry, singularity, and negative semi-definiteness). A useful classification of departures from rationality is suggested as a result. Variants, examples, and applications are discussed, and illustrations are provided using several bounded rationality models.
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