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Weak Axiomatic Demand Theory

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  • Quah, J.K.-H.

Abstract

This paper gives a unified and simple treatment of three related questions in the demand theory of the weak axiom: (i) Is there an elementary, i.e., non-fixed point theoretic, proof of equilibrium existence when the excess demand function of an economy satisfies the weak axiom? (ii) What conditions are sufficient for a non-transitive preference to generate a continuous demand function? Note that such a demand must satisfy the weak, though not necessarily the strong, axiom. This motivates the next question. (iii) Given a function that satisfy the weak axiom, can we find a preference that generates it?

Suggested Citation

  • Quah, J.K.-H., 2000. "Weak Axiomatic Demand Theory," Economics Papers 2000-w12, Economics Group, Nuffield College, University of Oxford.
  • Handle: RePEc:nuf:econwp:2000-w12
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    References listed on IDEAS

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    1. Jerison, Michael, 1999. "Dispersed excess demands, the weak axiom and uniqueness of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 15-48, February.
    2. Kim, Taesung & Richter, Marcel K., 1986. "Nontransitive-nontotal consumer theory," Journal of Economic Theory, Elsevier, vol. 38(2), pages 324-363, April.
    3. Laurent Calvet & Etienne Comon, 2003. "Behavioral Heterogeneity and the Income Effect," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 653-669, August.
    4. Quah, John K.-H., 2008. "The existence of equilibrium when excess demand obeys the weak axiom," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 337-343, February.
    5. Bandyopadhyay, Taradas & Dasgupta, Indraneel & Pattanaik, Prasanta K., 1999. "Stochastic Revealed Preference and the Theory of Demand," Journal of Economic Theory, Elsevier, vol. 84(1), pages 95-110, January.
    6. Loomes, Graham & Starmer, Chris & Sugden, Robert, 1991. "Observing Violations of Transitivity by Experimental Methods," Econometrica, Econometric Society, vol. 59(2), pages 425-439, March.
    7. Fishburn, Peter C, 1991. "Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-134, April.
    8. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
    9. Al-Najjar Nabil, 1993. "Non-transitive Smooth Preferences," Journal of Economic Theory, Elsevier, vol. 60(1), pages 14-41, June.
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    Citations

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    Cited by:

    1. Brighi, Luigi, 2004. "A stronger criterion for the Weak Weak Axiom," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 93-103, February.
    2. Hosoya, Yuhki, 2013. "Measuring utility from demand," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 82-96.
    3. Cherchye, Laurens & De Rock, Bram & Demuynck, Thomas, 0. "Transitivity of preferences: when does it matter?," Theoretical Economics, Econometric Society.
    4. Hoderlein, Stefan, 2011. "How many consumers are rational?," Journal of Econometrics, Elsevier, vol. 164(2), pages 294-309, October.
    5. Dasgupta Indraneel & Pattanaik P. K, 2010. "Revealed Preference with Stochastic Demand Correspondence," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-21, August.
    6. Hans Keiding & Mich Tvede, 2013. "Revealed smooth nontransitive preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(3), pages 463-484, November.
    7. Victor H. Aguiar & Roberto Serrano, 2018. "Cardinal Revealed Preference, Price-Dependent Utility, and Consistent Binary Choice," Working Papers 2018-3, Brown University, Department of Economics.
    8. Quah, John K.-H., 2008. "The existence of equilibrium when excess demand obeys the weak axiom," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 337-343, February.
    9. Gerasímou, Georgios, 2010. "Consumer theory with bounded rational preferences," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 708-714, September.

    More about this item

    Keywords

    DEMAND FUCTION ; REPRISENTATIVE AGENT ; TRANSITIVE PREFERENCES ; RATIONALIZABILITY;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D30 - Microeconomics - - Distribution - - - General

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