On Revealed Preference Analysis
On Revealed Preference Analysis
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论显示性偏好分析
DOI:
10.2307/2297089
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发表时间:
1978
期刊:
影响因子:
--
通讯作者:
A. Mas
中科院分区:
文献类型:
--
作者:
A. Mas
In this paper we shall be concerned with the theory of revealed preference understood in its original sense (Samuelson [19]), namely, as a theory of rational consumer's behaviour in competitive market situations; (see Richter [18] for the formulation and development of a general, abstract theory). As with practically all previous work in the field we will focus on the relationship between the theory of demand derived from revealed preference analysis and the one based on preference maximization; we denote the latter theory as the preference hypothesis. In 1938 Samuelson proposed as a new foundation for consumer theory the weak axiom of revealed preference (WA); the WA asserts that if a commodity bundle y is affordable, given a budget at which x is chosen (for short, if x is revealed preferred to y), then y cannot be revealed preferred to x. Although it has turned out that the demand theory implied by the WA is broader than the one generated by the preference hypothesis (Gale [6]; see also, Kihlstrom, Mas-Colell, Sonnenschein [14]) it is clear that they are conceptually close and their relationships were in need of clarification. The decisive step was given in 1951 by Houthakker [10]. He introduced the strong axiom of revealed preference (SA) and convincingly argued its equivalences with the preference hypothesis. Roughly speaking, the SA postulates the cyclical consistence of the WA. Since Houthakker's contribution the main line of research (see, for example, Uzawa [22], Stigum [21], etc.) has concentrated in finding sufficient conditions on demand functions guaranteeing that the consumer acts as a preference maximizer and his preferences are completely " determined " by his choice behaviour. This programme calls for both the existence of preferences underlying choice and their uniqueness in some class (usually the class defined by the property of continuity) and it is clear that, to successfully complete it, conditions on demand functions (besides, of course, the SA) will have to be imposed. So far, positive results have been obtained by combining a substantive requirement, the well definiteness of indirect demand functions, with a quite weak regularity one, the income Lipschitz property (this term will be defined later on).