This article obtains demand functions for risky assets without making a priori assumptions about the form of the utility function. In a simple portfolio model, the envelope theorem is applied to the ...

The paper constructs and estimates an augmented system of dynamic demand equations in which the demand for leisure and the demand for transactions balances are imbedded. The Budget constraint, ...

1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...