Two new proofs of Afriat's theorem
A. Fostel (ana.fostelyale.edu)
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: utility maximization, revealed preference, linear programming
Category 1: Applications -- OR and Management Sciences (Finance and Economics )
Category 2: Linear, Cone and Semidefinite Programming (Linear Programming )
Category 3: Combinatorial Optimization (Graphs and Matroids )
Citation: Technical Report No. 1381, School of Operations Research and Industrial Engineering, Cornell University.
Entry Submitted: 11/06/2003
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