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An Algebraic Approach to Revealed Preference

Author

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  • Mikhail Freer

    () (University of Essex)

  • Cesar Martinelli

    () (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University)

Abstract

We propose and develop an algebraic approach to revealed preference. Our approach dispenses with non algebraic structure, such as topological assumptions. We provide an algebraic axiom of revealed preference that subsumes previous, classical revealed preference axioms, and show that a dataset is rationalizable if and only if it is consistent with the axiom.

Suggested Citation

  • Mikhail Freer & Cesar Martinelli, 2020. "An Algebraic Approach to Revealed Preference," Working Papers 1078, George Mason University, Interdisciplinary Center for Economic Science.
  • Handle: RePEc:gms:wpaper:1078
    as

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    File URL: http://www.gmu.edu/schools/chss/economics/icesworkingpapers.gmu.edu/pdf/1078.pdf
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    References listed on IDEAS

    as
    1. Matthew Polisson & John K.-H. Quah & Ludovic Renou, 2020. "Revealed Preferences over Risk and Uncertainty," American Economic Review, American Economic Association, vol. 110(6), pages 1782-1820, June.
    2. Forges, Françoise & Minelli, Enrico, 2009. "Afriat's theorem for general budget sets," Journal of Economic Theory, Elsevier, vol. 144(1), pages 135-145, January.
    3. Chambers,Christopher P. & Echenique,Federico, 2016. "Revealed Preference Theory," Cambridge Books, Cambridge University Press, number 9781107087804.
    4. Jan (J.P.M.) Heufer & Per Hjertstrand, 2017. "Homothetic Preferences Revealed," Tinbergen Institute Discussion Papers 17-103/I, Tinbergen Institute.
    5. Jan Heufer, 2013. "Testing revealed preferences for homotheticity with two-good experiments," Experimental Economics, Springer;Economic Science Association, vol. 16(1), pages 114-124, March.
    6. Francoise Forges & Enrico Minelli, 2009. "Afriat's theorem for generalized budget sets," Post-Print hal-00360726, HAL.
    7. Demuynck, Thomas, 2009. "A general extension result with applications to convexity, homotheticity and monotonicity," Mathematical Social Sciences, Elsevier, vol. 57(1), pages 96-109, January.
    8. Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
    9. Hiroki Nishimura & Efe A. Ok & John K.-H. Quah, 2017. "A Comprehensive Approach to Revealed Preference Theory," American Economic Review, American Economic Association, vol. 107(4), pages 1239-1263, April.
    10. Cesar Martinelli & Mikhail Freer, 2016. "General Revealed Preferences," Working Papers 1059, George Mason University, Interdisciplinary Center for Economic Science, revised Jun 2016.
    11. Donald Brown & Caterina Calsamiglia, 2007. "The Nonparametric Approach to Applied Welfare Analysis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(1), pages 183-188, April.
    12. W. E. Diewert, 1973. "Afriat and Revealed Preference Theory," Review of Economic Studies, Oxford University Press, vol. 40(3), pages 419-425.
    13. repec:dau:papers:123456789/4099 is not listed on IDEAS
    14. Rochet, Jean-Charles, 1987. "A necessary and sufficient condition for rationalizability in a quasi-linear context," Journal of Mathematical Economics, Elsevier, vol. 16(2), pages 191-200, April.
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