We consider demand systems for utility-maximizing consumers facing general budget constraints whose utilities are …. We define demand generating functions (DGF) whose subgradients with respect to these perturbations are convex hulls of … smooth in their arguments. We also give sufficient conditions for integrability of perturbed demand. Our analysis provides a …

choice, context-dependent willingness to pay, balance of qualities in desirable goods, and shifts in demand toward low … quality goods when all prices in a category rise. We then apply the model to study discounts and sales, and to explain demand …

for low prices when he is employed than when he is unemployed. In response to the increase in demand and prices, other … of employment on demand and prices and show that they are sufficiently strong to generate multiple rational expectations …