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Computability of Preference, Utility, and Demand

Author

Listed:
  • Richter, M.K.
  • Wong, K-C.

Abstract

This paper studies consumer theory from the bounded rationality approach proposed in Richter and Wong (1996a), with a 'uniformity principle' constraining the magnitudes (prices, quantities, etc.) and the operations (to perceive, evaluate, choose, communicate, etc.) that agents can use. In particular, we operate in a computability framework, where commodity quantities,prices, consumer preferences, utility functions, and demand functions are computable by finite algorithms. We obtain a computable utility represent ation theorem. We also provide a revealed preference characterization of computable rationality for the finite case.

Suggested Citation

  • Richter, M.K. & Wong, K-C., 1996. "Computability of Preference, Utility, and Demand," Papers 298, Minnesota - Center for Economic Research.
  • Handle: RePEc:fth:minner:298
    as

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    References listed on IDEAS

    as
    1. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    2. Richter, Marcel K, 1980. "Continuous and Semi-Continuous Utility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(2), pages 293-299, June.
    3. Richter, M.K. & Wong, K-C., 1996. "Bounded Rationalities and Computable Economies," Papers 297, Minnesota - Center for Economic Research.
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    More about this item

    Keywords

    GENERAL EQUILIBRIUM; CONSUMERS;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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