Walrasian Solutions Without Utility Functions

C-Rene Dominique

MPRA Paper from University Library of Munich, Germany

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.

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)
Date: 2008, Revised 2008
New Economics Papers: this item is included in nep-pke and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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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:pra:mprapa:8906

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