Chapter

Utility Hypothesis

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/10.1093/0198284616.003.0007
 Utility Hypothesis

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This is the first of six chapters in Part II about demand and utility cost, a typical area for what is understood as choice theory. It discusses utility hypothesis and the theory of value. Its five sections are: needs of measurement (of utility); common practice and (William) Fleetwood; parallels in theory (as applied to utility construction); revealed preference (as applied to demand functions); and the classical case (of the utility function).

Keywords: choice; choice theory; demand; demand functions; William Fleetwood; measurement of utility; revealed preference; theory of value; utility construction; utility cost; utility function

Chapter.  9900 words. 

Subjects: Microeconomics

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