Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Home> Publications> Econometrica>Wealth Effects and Slutsky Equations for Assets

Econometrica: Mar, 1975, Volume 43, Issue 2

Wealth Effects and Slutsky Equations for Assets

https://doi.org/0012-9682(197503)43:2<301:WEASEF>2.0.CO;2-Q
p. 301-304

Thomas W. Epps

Changes in asset prices are shown to produce only substitution effects in a broad class of portfolio-choice models. Wealth effects are identically zero unless the individual's stocks of assets are subject to unanticipated changes.

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