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Differentiability of preferences without derivatives

Author

Listed:
  • Richter, Michael

    (Department of Economics, Baruch College, CUNY and Department of Economics, Royal Holloway, University of London)

  • Rubinstein, Ariel

    (School of Economics, Tel Aviv University and Department of Economics, New York University)

  • Tóbiás, Áron

    (Maxwell School of Citizenship and Public Affairs, Syracuse University)

Abstract

A new definition of differentiable convex preferences is proposed for spaces that require no algebraic structure. Given a set of primitive orderings Λ, preferences are Λ-convex-differentiable if, at each non-maximal alternative, there is a unique ordering in Λ whose advancement is necessary for preference improvement and whose reduction is sufficient for preference deterioration. As an application, it is shown that differentiability of preferences guarantees the second welfare theorem in a two-agent exchange economy with a finite set of distinct indivisible goods.

Suggested Citation

  • Richter, Michael & Rubinstein, Ariel & Tóbiás, Áron, 0. "Differentiability of preferences without derivatives," Theoretical Economics, Econometric Society.
    • Handle: RePEc:the:publsh:6940
    as

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    File URL: http://econtheory.org/ojs/index.php/te/article/viewForthcomingFile/6940/46147/1
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    More about this item

    Keywords

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    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D1 - Microeconomics - - Household Behavior
    • D6 - Microeconomics - - Welfare Economics

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