Arbeitspapier
Walrasian Solutions without Utility Functions
This note reviews consumers’ preference orderings in economics and shows that irrationality is a poor explanation for apparent violations of some axioms of order. Apparent violations seem to be better explained by the fact that consum-ers’ utility functions, if they exist at all, might not even belong to the class of quasi-concave functions. However, the main task of markets is the determination of equilibrium price vectors. The note shows in addition that, in Walrasian structures, quasi-concave utility functions are unnecessary for the determination of equilibrium price vectors.
- Sprache
-
Englisch
- Erschienen in
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Series: EERI Research Paper Series ; No. 10/2008
- Klassifikation
-
Wirtschaft
General Economics: General
Sociology of Economics
- Thema
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Walrasian structures preference orderings irrationality utility functions and equilibrium price vectors
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dominique, C-René
- Ereignis
-
Veröffentlichung
- (wer)
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Economics and Econometrics Research Institute (EERI)
- (wo)
-
Brussels
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Dominique, C-René
- Economics and Econometrics Research Institute (EERI)
Entstanden
- 2008
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