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The Lexicographic Consumer Theory

Author

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  • Jose Encarnacion, Jr.

    (School of Economics, University of the Philippines Diliman)

Abstract

This paper develops some implications of consumer choice when preferences are lexicographic, by formulating the consumer's choice as a nonlinear programming problem. Under certain conditions, it turns out that some familiar results of standard consumer theory (including the Slutsky equation) have analogues under lexicographic choice. It is suggested that quality variations--where some goods in the consumer's market basket are replaced by similar goods of different quality--find an easier explanation with vector-valued utility.

Suggested Citation

  • Jose Encarnacion, Jr., 1981. "The Lexicographic Consumer Theory," UP School of Economics Discussion Papers 198103, University of the Philippines School of Economics.
    • Handle: RePEc:phs:dpaper:198103
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