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Walrasian Solutions Without Utility Functions

  • Dominique, C-Rene

SUMMARY: This note reviews consumers’ preference orderings in economics and shows that irrationality is a poor explanation for apparent violations of some axioms of order. Apparent violations seem to be better explained by the fact that consumers’ utility functions, if they exist at all, might not even belong to the class of quasi-concave functions. However, the main task of markets is the determination of equilibrium price vectors. The note shows in addition that, in Walrasian structures, quasi-concave utility functions are unnecessary for the determination of equilibrium price vectors.

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File URL: http://mpra.ub.uni-muenchen.de/8906/1/MPRA_paper_8906.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8906.

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Date of creation: 2008
Date of revision: 2008
Handle: RePEc:pra:mprapa:8906
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  1. Dominique, C-Rene, 2006. "Explaining the logic of pure preference in a neurodynamic structure," MPRA Paper 5283, University Library of Munich, Germany, revised 09 Oct 2007.
  2. SCHMEIDLER, David, . "A condition for the completeness of partial preference relations," CORE Discussion Papers RP -86, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
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