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Weak axiomatic demand theory

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  • John Quah

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Abstract

This paper gives a unified and simple treatment of three related questions in the demand theory of the weak axiom: (i) Is there an elementary, i.e., non-fixed point theoretic, proof of equilibrium existence when the excess demand function of an economy satisfies the weak axiom? (ii) What conditions are sufficient for a non-transitive preference to generate a continuous demand function? Note that such a demand must satisfy the weak, though not necessarily the strong, axiom. This motivates the next question. (iii) Given a function that satisfy the weak axiom, can we find a preference that generates it?

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s00199-005-0017-y
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 29 (2006)
Issue (Month): 3 (November)
Pages: 677-699

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Handle: RePEc:spr:joecth:v:29:y:2006:i:3:p:677-699

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Related research

Keywords: Weak axiom of revealed preference; Violations of transitivity; Rationalizability; Demand; C61; D11; D50;

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References

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  1. John K.-H. Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Papers 2004-W07, Economics Group, Nuffield College, University of Oxford.
  2. Bandyopadhyay, Taradas & Dasgupta, Indraneel & Pattanaik, Prasanta K., 1999. "Stochastic Revealed Preference and the Theory of Demand," Journal of Economic Theory, Elsevier, vol. 84(1), pages 95-110, January.
  3. Laurent Calvet & Etienne Comon, 2003. "Behavioral Heterogeneity and the Income Effect," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 653-669, August.
  4. Jerison, Michael, 1999. "Dispersed excess demands, the weak axiom and uniqueness of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 15-48, February.
  5. Kim, Taesung & Richter, Marcel K., 1986. "Nontransitive-nontotal consumer theory," Journal of Economic Theory, Elsevier, vol. 38(2), pages 324-363, April.
  6. Al-Najjar Nabil, 1993. "Non-transitive Smooth Preferences," Journal of Economic Theory, Elsevier, vol. 60(1), pages 14-41, June.
  7. Loomes, Graham & Starmer, Chris & Sugden, Robert, 1991. "Observing Violations of Transitivity by Experimental Methods," Econometrica, Econometric Society, vol. 59(2), pages 425-39, March.
  8. Fishburn, Peter C, 1991. " Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-34, April.
  9. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
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Citations

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Cited by:
  1. John K.-H. Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Papers 2004-W07, Economics Group, Nuffield College, University of Oxford.
  2. Indraneel Dasgupta, . "Revealed Preference with Stochastic Demand Correspondence," Discussion Papers 07/06, University of Nottingham, School of Economics.
  3. Gerasimou, Georgios, 2009. "Consumer theory with bounded rational preferences," MPRA Paper 18673, University Library of Munich, Germany, revised 16 Nov 2009.
  4. Hosoya, Yuhki, 2013. "Measuring utility from demand," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 82-96.
  5. Brighi, Luigi, 2004. "A stronger criterion for the Weak Weak Axiom," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 93-103, February.
  6. Hans Keiding & Mich Tvede, 2013. "Revealed smooth nontransitive preferences," Economic Theory, Springer, vol. 54(3), pages 463-484, November.
  7. Hoderlein, Stefan, 2011. "How many consumers are rational?," Journal of Econometrics, Elsevier, vol. 164(2), pages 294-309, October.

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