The Structure of Neoclassical Consumer Theory
AbstractThis paper offers an accessible introductory survey of the application of abstract choice theory to consumer theory. In the process, the paper identifires---somewhat more carefully than is usual in the literature--- the relatively small role of the rationality postulates and the relatively large role of the ad hoc assumptions that are required to produce the minimal structure of neoclassical consumer theory. (This structure is that Marshallian demand obeys the weak axiom of revealed preference in budget data). Finally, this paper serves as a reminder that economists should abandon the behaviorist aspirations and claims that they have repeatedly, but incorrectly, associated with abstract choice theory.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 9805003.
Date of creation: 09 Jul 1998
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abstract choice theory; consumer theory; neoclassical economics;
Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
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