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Walrasian Solutions Without Utility Functions

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Author Info
C-René Dominique

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Abstract

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.

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Paper provided by Economics and Econometrics Research Institute (EERI) in its series EERI Research Paper Series with number EERI_RP_2008_10.

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Length: 15 pages
Date of creation: 10 Oct 2008
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Handle: RePEc:eei:rpaper:eeri_rp_2008_10

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Related research
Keywords: Walrasian structures preference orderings irrationality utility functions and equilibrium price vectors.;

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Find related papers by JEL classification:
A1 - General Economics and Teaching - - General Economics
A10 - General Economics and Teaching - - General Economics - - - General
A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Schmeidler, David, 1971. "A Condition for the Completeness of Partial Preference Relations," Econometrica, Econometric Society, vol. 39(2), pages 403-04, March.
  2. Dominique, C-Rene, 2006. "Explaining the logic of pure preference in a neurodynamic structure," MPRA Paper 5283, University Library of Munich, Germany, revised 09 Oct 2007. [Downloadable!]
  3. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Dominique, C-Rene, 2009. "On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum," MPRA Paper 18292, University Library of Munich, Germany. [Downloadable!]
  2. Dominique, C-Rene, 2009. "Could Markets' Equilibrium Sets Be Fractal Attractors?," MPRA Paper 13624, University Library of Munich, Germany. [Downloadable!]
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