Revealed Preference and the Utility Function

Datos Bibliográficos

ID9726653
AutoresH S Houthakker (autor de correspondencia)
Año1950
Volumen17
Número66
Páginas159
Fecha de publicación1950-05-01
Peer ReviewedSí
Open AccessNo
TipoARTICLE
RevistaEconomica (JOURNAL)
Identificadores de la revistaISSN: 0013-0427 • E-ISSN: 1468-0335
EditorialJSTOR (PUBLISHER)
DOI10.2307/2549382
OpenAlexW2335054039
IdiomaEN
Citas recibidas123

Professor Samuelson's approach' has proved to be a useful basis for deriving a considerable part of the static theory of consumer's choice. Its exisLing versions are not sufficient, however, to determine whether or not consumer's preferences can be described by a utility function of the customary type (the problem of integrability),2 except in the unrealistic case of two commodities. In this note Samuelson's fundamental hypothesis will be generalised so as to imply integrability while continuing to satisfy the methodological requirements of the revealed preference approach and without losing its plausibility. An attempt will be made to stress the logical, as distinct from the technically mathematical, aspects of the subtle problem of integrability, and to assess its importance

Basis (linear algebra) · Econometrics · Economics · Function (biology) · Mathematical economics · Microeconomics · Preference · Revealed preference · Utility theory · Economic theories and models · Mathematics