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An Axiomatization of the Leontief Preferences

Uuganbaatar Ninjbat ()

Finnish Economic Papers, 2012, vol. 25, issue 1, 20-27

Abstract: An axiomatic characterization of the well known Leontief preferences is given. The key axiom is upper consistency, which states that for any two bundles, another bundle is weakly preferred to at least one of them if and only if it is weakly preferred to the bundle that contains the least amount of each commodity in them.

JEL-codes: D01 D11 (search for similar items in EconPapers)
Date: 2012
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Handle: RePEc:fep:journl:v:25:y:2012:i:1:p:20-27