Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/142521
Authors: 
Dominique, C-René
Year of Publication: 
2008
Series/Report no.: 
EERI Research Paper Series 10/2008
Abstract: 
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 consum-ers’ 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.
Subjects: 
Walrasian structures preference orderings irrationality utility functions and equilibrium price vectors
JEL: 
A1
A10
A14
Document Type: 
Working Paper

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