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Two New Proofs of Afriat's Theorem

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Author Info
Herbert E. Scarf () (Yale University, Cowles Foundation)
Ana Fostel () (Yale University, Faculty of Arts & Sciences, Department of Economics (Box 8268))
Michael J. Todd () (Cornell University, School of Operations Research, Operations Research & Industrial Engineering)

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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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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm377.

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Date of creation: 28 Jul 2004
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Handle: RePEc:ysm:somwrk:ysm377

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Related research
Keywords: Afriat's theorem; SARP; GARP;

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Find related papers by JEL classification:
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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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. 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!]
  6. Leeat Yariv, 2004. "Safety in Markets: An Impossibility Theorem for Dutch Books," Theory workshop papers 658612000000000072, UCLA Department of Economics. [Downloadable!]
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