WALRASIAN SOLUTIONS WITHOUT UTILITY FUNCTIONS

C-Rene Dominique

EERI Research Paper Series from Economics and Econometrics Research Institute (EERI), Brussels

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.

Keywords: Walrasian; structures; preference; orderings; irrationality; utility; functions; and; equilibrium; price; vectors. (search for similar items in EconPapers)
JEL-codes: A1 A10 A14 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2008-10-10
New Economics Papers: this item is included in nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Working Paper: Walrasian Solutions Without Utility Functions (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:eei:rpaper:eeri_rp_2008_10

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