Two New Proofs of Afriat's Theorem
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.
|Date of creation:||May 2003|
|Publication status:||Published in Economic Theory (2004), 24(1): 211-219|
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|Order Information:|| Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA|
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