Neoclassical and Modern Consumer Choice Compared

R. Shone
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R. Shone: University of Sheffield

Chapter 4 in Microeconomics, 1975, pp 78-119 from Palgrave Macmillan

Abstract: Abstract We have seen that if the axioms of choice theory are specified such that some of every good is consumed then the consumer spends all his income, and that the indifference curves are continuous and strictly convex to the origin, then we are dealing with the neoclassical theory of consumer behaviour. Although it must be apparent that this is an extreme interpretation, it is the theory which has dominated demand analysis and for this reason alone we must consider some of the results which have been investigated. We shall undertake this with one major difference. Consumer demand has not until the 1960s been analysed in terms of matrix algebra, but this more recent formulation has much to commend it and so we shall follow this treatment of Barten [11], Theil [119] and Goldberger [44].

Keywords: Utility Function; Marginal Utility; Demand Curve; Substitution Effect; Supporting Hyperplane (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15593-4_4

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