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Looking for an universal utility function

Here is an example where $x_i$s are necessities and will always be consumed in positive quantities and $y$ and $z$ will be consumed in positive quantity only when income of the individual is above a ...
Amit's user avatar
  • 8,891
2 votes

Why is the marginal utility of money assumed to be constant in Marshallian Theory of Consumer Behaviour

Unlike the ordinal analysis or the revealed preference approach, where there is no need for a measuring rod, the cardinal utility analysis requires a measuring rod. Money acts as this measuring rod. ...
Pallak Goyal's user avatar
2 votes
Accepted

Equivalence of two definitions of monotone preference

Let $\succeq$ be a relation on $\mathbb{R}^l_+$ such that $x\gg y$ implies $x\succeq y$ for all $x,y\in\mathbb{R}^l_+$, and such that all upper contour sets are closed. Then $x\geq y$ implies $x\...
Michael Greinecker's user avatar
1 vote

Trying to find a proof for Strong Axiom of Revealed Preference with general choice set

This is a special case of Theorem 1 of [Richter, Marcel K. "Revealed preference theory." Econometrica (1966): 635-645.]
Michael Greinecker's user avatar
0 votes

Does duality hold for u(x, y) = x^2 + y^2? (Corner solution)

I'm posting here, because I don't have enough reputation points to just comment. So, if I understand this correctly, monotonic means that preferences, do not change, right? Like, I'm familiar with the ...
KEll's user avatar
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