Computability of Preference, Utility, and Demand

Marcel Richter and K-C. Wong

Working Papers from Minnesota - Center for Economic Research

Abstract: This paper studies consumer theory from the bounded rationality approach proposed in Richter and Wong (1996a), with a 'uniformity principle' constraining the magnitudes (prices, quantities, etc.) and the operations (to perceive, evaluate, choose, communicate, etc.) that agents can use. In particular, we operate in a computability framework, where commodity quantities,prices, consumer preferences, utility functions, and demand functions are computable by finite algorithms. We obtain a computable utility represent ation theorem. We also provide a revealed preference characterization of computable rationality for the finite case.

Keywords: GENERAL EQUILIBRIUM; CONSUMERS (search for similar items in EconPapers)
JEL-codes: C63 D11 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1996
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:minner:298

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