An Axiom for Concavifiable Preferences in View of Alt's Theory

Yuhki Hosoya

Papers from arXiv.org

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.

Date: 2021-02, Revised 2021-11
New Economics Papers: this item is included in nep-upt
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Published in Journal of Mathematical Economics 98, 102583 (2022)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2102.07237

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