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A '''demand set''' is a model of the most-preferred bundle of goods an [[Agent (economics)|agent]] can afford. The set is a function of the [[preference relation]] for this agent, the prices of [[good (economics)|goods]], and the agent's [[Endowment (Economics)|endowment]]. | |||
Assuming the agent cannot have a negative quantity of any good, the demand set can be characterized this way: | |||
Define <math>L</math> as the number of goods the agent might receive an [[Asset allocation|allocation]] of. An allocation to the agent is an element of the space <math>R+l</math>; that is, the space of nonnegative real [[vector space|vectors]] of [[dimension]] <math>L</math>. | |||
Define <math>>p</math> as a weak preference relation over goods; that is, <math>x>px'</math> states that the allocation vector <math>x</math> is weakly preferred to <math>x'</math>. | |||
Let <math>e</math> be a vector representing the quantities of the agent's endowment of each possible good, and <math>p</math> be a vector of prices for those goods. Let <math>D(>p,p,e)</math> denote the demand set. Then: | |||
D(>p,p,e) = {x: px <= pe and x >p x' for all affordable bundles x'. | |||
==See also== | |||
*[[Demand]] | |||
*[[Economics]] | |||
==External links== | |||
*http://economics.about.com/library/glossary/bldef-demand-set.htm?terms=Demand+Set | |||
[[Category:Consumer theory]] | |||
Revision as of 14:30, 16 December 2013
A demand set is a model of the most-preferred bundle of goods an agent can afford. The set is a function of the preference relation for this agent, the prices of goods, and the agent's endowment.
Assuming the agent cannot have a negative quantity of any good, the demand set can be characterized this way:
Define as the number of goods the agent might receive an allocation of. An allocation to the agent is an element of the space ; that is, the space of nonnegative real vectors of dimension .
Define as a weak preference relation over goods; that is, states that the allocation vector is weakly preferred to .
Let be a vector representing the quantities of the agent's endowment of each possible good, and be a vector of prices for those goods. Let denote the demand set. Then: D(>p,p,e) = {x: px <= pe and x >p x' for all affordable bundles x'.