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An Axiomatization of the Leontief Preferences

Author

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  • Uuganbaatar Ninjbat

    (Department of Economics, Stockholm School of Economics)

Abstract

An axiomatic characterization of the well known Leontief preferences is given. The key axiom is upper consistency, which states that for any two bundles, another bundle is weakly preferred to at least one of them if and only if it is weakly preferred to the bundle that contains the least amount of each commodity in them.

Suggested Citation

  • Uuganbaatar Ninjbat, 2012. "An Axiomatization of the Leontief Preferences," Finnish Economic Papers, Finnish Economic Association, vol. 25(1), pages 20-27, Spring.
    • Handle: RePEc:fep:journl:v:25:y:2012:i:1:p:20-27
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    File URL: http://taloustieteellinenyhdistys.fi/images/stories/fep/fep12012/fep12012_ninjbat.pdf
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    References listed on IDEAS

    as
    1. Luc Lauwers, 1996. "Rawlsian equity and generalised utilitarianism with an infinite population (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(1), pages 143-150.
    2. Christopher Chambers, 2009. "Intergenerational equity: sup, inf, lim sup, and lim inf," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 32(2), pages 243-252, February.
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    Cited by:

    1. Busetto, Francesca & Codognato, Giulio & Julien, Ludovic, 2020. "Atomic Leontievian Cournotian traders are always Walrasian," Games and Economic Behavior, Elsevier, vol. 122(C), pages 318-327.
    2. Mark Voorneveld, 2014. "From preferences to Leontief utility," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(2), pages 197-204, October.

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    More about this item

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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