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From revealed preference to preference revelation

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Author Info

  • Makowski, Louis
  • Ostroy, Joseph M.

Abstract

Utility functions are regarded as elements of a linear space that is paired with a dual representation of choices to demonstrate the similarity between preference revelation and the duality of prices and quantities in revealed preference. With respect to preference revelation, quasilinear versus ordinal utility and choices in an abstract set versus choices in a linear space are distinguished and their separate and common features are explored. The central thread uniting the various strands is the subdifferentiability of convex functions.

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File URL: http://www.sciencedirect.com/science/article/pii/S0304406812000912
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 49 (2013)
Issue (Month): 1 ()
Pages: 71-81

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Handle: RePEc:eee:mateco:v:49:y:2013:i:1:p:71-81

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Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Preference revelation; Revealed preference; Conjugate duality; Subdifferentiability; Cyclic monotonicity; Quasilinear utility; Ordinal utility;

References

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  1. Müller, Rudolf & Uetz, Marc & Vohra, Rakesh & Heydenreich, Birgit, 2007. "Characterization of Revenue Equivalence," Research Memorandum 017, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  2. Rochet, Jean-Charles, 1987. "A necessary and sufficient condition for rationalizability in a quasi-linear context," Journal of Mathematical Economics, Elsevier, vol. 16(2), pages 191-200, April.
  3. Diewert, W E, 1973. "Afriat and Revealed Preference Theory," Review of Economic Studies, Wiley Blackwell, vol. 40(3), pages 419-25, July.
  4. Apartsin, Yevgenia & Kannai, Yakar, 2006. "Demand properties of concavifiable preferences," Journal of Mathematical Economics, Elsevier, vol. 43(1), pages 36-55, December.
  5. Makowski, Louis & Ostroy, Joseph M. & Segal, Uzi, 1999. "Efficient Incentive Compatible Economies Are Perfectly Competitive," Journal of Economic Theory, Elsevier, vol. 85(2), pages 169-225, April.
  6. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  7. Donald Brown & Caterina Calsamiglia, 2007. "The Nonparametric Approach to Applied Welfare Analysis," Economic Theory, Springer, vol. 31(1), pages 183-188, April.
  8. Krishna, Vijay & Maenner, Eliot, 2001. "Convex Potentials with an Application to Mechanism Design," Econometrica, Econometric Society, vol. 69(4), pages 1113-19, July.
  9. Kannai, Yakar, 2004. "When is individual demand concavifiable?," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 59-69, February.
  10. Fuchs-Seliger, Susanne, 1989. "Money-metric utility functions in the theory of revealed preference," Mathematical Social Sciences, Elsevier, vol. 18(3), pages 199-210, December.
  11. Joseph Ostroy & Uzi Segal, 2012. "No externalities: a characterization of efficiency and incentive compatibility with public goods," Social Choice and Welfare, Springer, vol. 39(4), pages 697-719, October.
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