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Walrasian Solutions Without Utility Functions

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Author Info
Dominique, C-Rene

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Abstract

SUMMARY: 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 consumers’ 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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File URL: http://mpra.ub.uni-muenchen.de/8906/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8906.

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Date of creation: 2008
Date of revision: 2008
Handle: RePEc:pra:mprapa:8906

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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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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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This page was last updated on 2008-11-18.

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