Chapter

Algebra of Revealed Preference

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/10.1093/0198284616.003.0008
 Algebra of Revealed Preference

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This is the second of six chapters in Part II about demand and utility cost, a typical area for what is understood as choice theory. It discusses the algebra of revealed preference. Its seven sections are: demand and utility; consistency conditions; order logic; revealed preference revealed; finite Houthakker test (for revealed preference); constructive solution (a demonstration of how the multiplier‐level solution provides an immediate construction of utility functions that fit the data in the required fashion); and multipliers and levels (as applied to utility functions).

Keywords: choice; choice theory; consistency; demand; finite Houthakker test; mathematical economics; multipliers; order logic; revealed preference; utility; utility cost; utility functions

Chapter.  9535 words. 

Subjects: Microeconomics

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