Consumer Theory via Duality

William Bryant

Chapter 6 in Lectures in the Microeconomics of Choice:Foundations, Consumers, and Producers, 2023, pp 427-525 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The following sections are included:IntroductionWhat is Duality?An Arrow–Debreu Consumer’s Expenditure FunctionConvex Analysis and the Expenditure FunctionThe Demand Theory of an Expenditure FunctionAn Arrow–Debreu Consumer’s Indirect Utility FunctionThe Demand Theory of the Indirect Utility FunctionAn Arrow–Debreu Consumer’s Distance FunctionAn Arrow–Debreu Consumer’s Benefit FunctionAn Arrow–Debreu Consumer’s Frisch Profit FunctionSome Further Dual Interrelationships‘Economic’ Preference RepresentationsComparative Statics Results in Optimization ModelsMarket Demands from a Dual Point of ViewConclusion

Keywords: Microeconomics; Choice Theory; Axiomatics; Arrow–Debreu Model; Scientific Method; Consumer Preferences; Choice Sets; Best Elements; Transitivity; Continuity; Completeness; Compactness; Behavioral Economics; Preference Maximization; Utility Function; Special Preference Structures; Choice Under Risk; Choice Under Uncertainty; Intertemporal Choice; Primal Approach; Budget Constraint; Monotone Comparative Statics; Market Demand; Duality; Expenditure Function; Indirect Utility; Distance Function; Benefit Function; Frisch Profit Function; Comparative Statics; Revealed Preference; Integrability; Producers; Production Possibility Set; Slutsky Equation (search for similar items in EconPapers)
JEL-codes: C01 C02 D00 D01 D2 (search for similar items in EconPapers)
Date: 2023
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