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Walrasian Solutions without Utility Functions [PDF]
, 2008 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.
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2018
In the context of decisions under uncertainty investors try to maximize the expected return on investment and minimize investment risk. Unfortunately, there is a trade-off between these two aims. The theory of the choices under uncertainty leads the decision-making process in capital markets. The aim is to analyse the behaviour of the rational investor
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In the context of decisions under uncertainty investors try to maximize the expected return on investment and minimize investment risk. Unfortunately, there is a trade-off between these two aims. The theory of the choices under uncertainty leads the decision-making process in capital markets. The aim is to analyse the behaviour of the rational investor
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1983
A class of utility functions is distinguished, tentatively associated with the name of H. Hotelling. The definition requires the marginal utility of income to be identically equal to a constant. The class of utility functions which satisfies this condition is not uniquely given.
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A class of utility functions is distinguished, tentatively associated with the name of H. Hotelling. The definition requires the marginal utility of income to be identically equal to a constant. The class of utility functions which satisfies this condition is not uniquely given.
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REVEALED SEPARABLE UTILITY FUNCTION
Metroeconomica, 1973Koo, Anthony Y. C., Koo, Delia
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2007
Utilitarian economists use the term ‘utility’ carefully, but as was mentioned above there are two distinct views of it: the ‘satisfaction/happiness’ view and the ‘desire-fulfilment’ view. The happiness approach goes back to Bentham and has been used extensively by Marshall (1890), Pigou (1920) and others.
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Utilitarian economists use the term ‘utility’ carefully, but as was mentioned above there are two distinct views of it: the ‘satisfaction/happiness’ view and the ‘desire-fulfilment’ view. The happiness approach goes back to Bentham and has been used extensively by Marshall (1890), Pigou (1920) and others.
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1999
Consumer choice means that full information and the possibility to arrange goods in an increasing order of priority, have been set by the market for decision-making on selecting bundles of goods and services by the consumer. This is rational choice behaviour.
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Consumer choice means that full information and the possibility to arrange goods in an increasing order of priority, have been set by the market for decision-making on selecting bundles of goods and services by the consumer. This is rational choice behaviour.
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