What is a commodity? Two axiomatic answers

Yves Sprumont ()

Economic Theory, 2004, vol. 23, issue 2, 429-437

Abstract: We identify conditions under which preferences over subsets of a consumption world can be reduced to preferences over bundles of "commodities". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up to positive linear transformations. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Commodity; Preference; Ordinal measure; Cardinal measure. (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00199-003-0379-y

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