REVELEAD PREFERENCE THEORY.

The article examines two problems in the foundations of choice of consumers. It explores whether a given demand function could be induced by a utility function and whether it could be induced by a preference relation. Consumer types are defined to provide rigorous statements of the problems. The art...

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Detalles Bibliográficos
Publicado en:Econometrica Vol. 34; no. 3; pp. 635 - 646
Autor principal: Richter, Marcel K.
Formato: Artículo
Publicado: Wiley-Blackwell Jul66
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Acceso en línea:Ver este registro en EBSCOhost
Descripción
Sumario:The article examines two problems in the foundations of choice of consumers. It explores whether a given demand function could be induced by a utility function and whether it could be induced by a preference relation. Consumer types are defined to provide rigorous statements of the problems. The article defines representable consumers, rational consumers, and congruous consumers. It also explains how the proposed Congruence Axiom correspond to the Weak Axiom of Samuelson and the Strong Axiom of Houthakker. It is observed that the revealed preference notions employed in the other axioms have meaning only in that limited context.