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That simple rule gives a direct answer to the question. Individual elasticity to price is zero except when the price jumps across the line of the maximum acceptable price.The overall quantity sold will depend on price, since a few consumers changes their quantity from zero to one (if the price falls) or from one to zero (if the price increases). In particular we shall link the shape of the demand curve to the distribution of reserve price in the consumers' population.Higher reserve prices would thus be indicative of rich people, whereas the poor would express lower reserve prices.This interpretation is plausible and can be formally demonstrated in two cases.
Please note that, by contrast, neoclassical models with standard well-behaved (e.g.ee here for our model with no reserve prices but monthly overall ceilings, where we demonstrate that the purchases of the rich and the poor continue to reflect their income levels.See here for our model of insurance purchase based on a reserve price taking into account the probability of damage, its severity, risk-attitudes (including risk-aversion) and erratic components.Individual decision-making about consumption has been the subject of many theories and approaches.In this paper, we are interested to propose some steps to include consumer decision making and behaviour in formal models, trying to do this in a more realistic way than the neoclassical theory.
In particular, the modeller has to specify the inner structure of agents, their decision rules, and the relationships among agents.