Logo
Munich Personal RePEc Archive

Walrasian Solutions Without Utility Functions

Dominique, C-Rene (2008): Walrasian Solutions Without Utility Functions.

[thumbnail of MPRA_paper_8906.pdf]
Preview
PDF
MPRA_paper_8906.pdf

Download (110kB) | Preview

Abstract

SUMMARY:

This note reviews consumers’ preference orderings in economics and shows that irrationality is a poor explanation for apparent violations of some axioms of order. Apparent violations seem to be better explained by the fact that consumers’ utility functions, if they exist at all, might not even belong to the class of quasi-concave functions. However, the main task of markets is the determination of equilibrium price vectors. The note shows in addition that, in Walrasian structures, quasi-concave utility functions are unnecessary for the determination of equilibrium price vectors.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.