An axiom for concavifiable preferences in view of Alt’s theory

Yuhki Hosoya

Journal of Mathematical Economics, 2022, vol. 98, issue C

Abstract: We present a necessary and sufficient condition for Alt’s system to be represented by a continuous utility function. Moreover, we present a necessary and sufficient condition for this utility function to be concave. The latter condition can be seen as an extension of Gossen’s first law, and thus has an economic interpretation. Together with the above results, we provide a necessary and sufficient condition for Alt’s utility to be continuously differentiable.

Keywords: Alt’s system; Cardinal utility; Gossen’s first law; Path-connectedness (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:98:y:2022:i:c:s0304406821001464

DOI: 10.1016/j.jmateco.2021.102583

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