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Two New Proofs of Afriat's Theorem

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Author Info
Anna Fostel (Department of Economics, Yale University)
Herbert E. Scarf () (Cowles Foundation, Yale University)
Michael J. Todd (Cornell University)

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Abstract

We provide two new, simple proofs of Afriat's celebrated theorem stating that a finite set of price-quantity observations is consistent with utility maximization if, and only if, the observations satisfy a variation of the Strong Axiom of Revealed Preference known as the Generalized Axiom of Revealed Preference.

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File URL: http://cowles.econ.yale.edu/P/cd/d14a/d1415.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1415.

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Length: 10 pages
Date of creation: May 2003
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Publication status: Published in Economic Theory (2004), 24(1): 211-219
Handle: RePEc:cwl:cwldpp:1415

Note: CFP 1145.
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Related research
Keywords: Afriat's theorem; SARP; GARP;

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D60 - Microeconomics - - Welfare Economics - - - General

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  1. Francoise Forges & Enrico Minelli, 2006. "Afriat's Theorem for General Budget Sets," Working Papers ubs0609, University of Brescia, Department of Economics. [Downloadable!]
    Other versions:
  2. Chambers, Christopher P. & Echenique, Federico, . "Supermodularizability," Working Papers 1248, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  3. Green, Jerry & Hojman, Daniel, 2007. "Choice, Rationality and Welfare Measurement," Working Paper Series rwp07-054, Harvard University, John F. Kennedy School of Government. [Downloadable!]
  4. David Laibson & Leeat Yariv, 2007. "Safety in Markets: An Impossibility Theorem for Dutch Books," Levine's Bibliography 122247000000001746, UCLA Department of Economics. [Downloadable!]
    Other versions:
  5. Leeat Yariv, 2004. "Safety in Markets: An Impossibility Theorem for Dutch Books," Theory workshop papers 658612000000000072, UCLA Department of Economics. [Downloadable!]
  6. Teo Chung Piaw & Rakesh V. Vohra, 2003. "Afrait's Theorem and Negative Cycles," Discussion Papers 1377, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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