Chapter

Budget Allocation and Priority

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print November 1987 | ISBN: 9780198284611
Published online November 2003 | e-ISBN: 9780191595844 | DOI: http://dx.doi.org/10.1093/0198284616.003.0005
 Budget Allocation and Priority

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This chapter comments on conventional consumer theory looked at from the point of view of a simple consumer who does not understand enough of partial differential equations to implement the usual Allocation Rule. Its six sections are: the Allocation Rule; marginal utility of money; many goods; priority (of goods); law of (diminishing) returns; and adjustment and (purchase) priority rules.

Keywords: Arrow's impossibility theorem; choice; demand; democratic choice; optimum; positive association; revealed preference; voting

Chapter.  3608 words. 

Subjects: Microeconomics

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