Computability of Preference, Utility, and Demand
AbstractThis paper studies consumer theory from the bounded rationality approach proposed in Richter and Wong (1996a), with a 'uniformity principle' constraining the magnitudes (prices, quantities, etc.) and the operations (to perceive, evaluate, choose, communicate, etc.) that agents can use. In particular, we operate in a computability framework, where commodity quantities,prices, consumer preferences, utility functions, and demand functions are computable by finite algorithms. We obtain a computable utility represent ation theorem. We also provide a revealed preference characterization of computable rationality for the finite case.
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Bibliographic InfoPaper provided by Minnesota - Center for Economic Research in its series Papers with number 298.
Length: 35 pages
Date of creation: 1996
Date of revision:
Contact details of provider:
Postal: UNIVERSITY OF MINNESOTA, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, MINNEAPOLIS MINNESOTA 35455 U.S.A.
Web page: http://www.econ.umn.edu/
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- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
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