Rationality and the LeChatelier principle
Article Abstract:
The LeChatelier principle is a condition wherein the behavioral implications of rationality is highlighted due to the imposition of additional constraints. The standard implications of homogeneity, symmetry and definiteness are noticed in price-taking with various price configurations. It was determined that a global LeChatelier principle is not always applicable including in cases of nondegenerate problems. A global LeChatelier principle can be applicable provided there are weak conditions of the density of the expectations.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
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The spirit of capitalism and savings behavior
Article Abstract:
A capitalist-spirit model of savings shows the intertemporal utility function of wealth. Wealth accumulation is done for its own sake, not only for the material reward it provides. The utility function of a typical capitalist can be represented as u(c, w), where c is consumption and w corresponds to wealth.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1995
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