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Two New Proofs of Afriat's Theorem

Herbert Scarf, Ana Fostel and Michael Todd ()

Yale School of Management Working Papers from Yale School of Management

Abstract: We provide two new, simple proofs of Afriat's celebrated theorem stating that a finite set of price-quantity observations is consistent with utility maximization if, and only if, the observations satisfy a variation of the Strong Axiom of Revealed Preference known as the Generalized Axiom of Revealed Preference.

Keywords: Afriat's theorem; SARP; GARP (search for similar items in EconPapers)
JEL-codes: C60 D11 (search for similar items in EconPapers)
Date: 2004-07-28
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Journal Article: Two new proofs of Afriat’s theorem (2004) Downloads
Working Paper: Two New Proofs of Afriat's Theorem (2004) Downloads
Working Paper: Two New Proofs of Afriat's Theorem (2003) Downloads
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