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What Is a Commody? Two Axiomatic Anwers

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  • SPRUMONT, Yves

Abstract

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of "commodities". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up to positive linear transformations only.

Suggested Citation

  • SPRUMONT, Yves, 2001. "What Is a Commody? Two Axiomatic Anwers," Cahiers de recherche 2001-03, Universite de Montreal, Departement de sciences economiques.
  • Handle: RePEc:mtl:montde:2001-03
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    File URL: http://hdl.handle.net/1866/344
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    Keywords

    commodity; eference; ordinal measure; cardinal measure;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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