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Walrasian Solutions Without Utility Functions

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  • Dominique, C-Rene

Abstract

SUMMARY: This note reviews consumers’ preference orderings in economics and shows that irrationality is a poor explanation for apparent violations of some axioms of order. Apparent violations seem to be better explained by the fact that consumers’ utility functions, if they exist at all, might not even belong to the class of quasi-concave functions. However, the main task of markets is the determination of equilibrium price vectors. The note shows in addition that, in Walrasian structures, quasi-concave utility functions are unnecessary for the determination of equilibrium price vectors.

Suggested Citation

  • Dominique, C-Rene, 2008. "Walrasian Solutions Without Utility Functions," MPRA Paper 8906, University Library of Munich, Germany, revised 2008.
    • Handle: RePEc:pra:mprapa:8906
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    References listed on IDEAS

    as
    1. Schmeidler, David, 1971. "A Condition for the Completeness of Partial Preference Relations," Econometrica, Econometric Society, vol. 39(2), pages 403-404, March.
    2. Dominique, C-Rene, 2006. "Explaining the logic of pure preference in a neurodynamic structure," MPRA Paper 5283, University Library of Munich, Germany, revised 09 Oct 2007.
    3. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
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    Cited by:

    1. C-Rene DOMINIQUE & Luis Eduardo RIVERA-SOLIS, 2014. "On Market Economies: How Controllable Constructs Become Complex," Expert Journal of Economics, Sprint Investify, vol. 2(3), pages 100-108.
    2. Dominique, C-Rene, 2017. "An Empirical Theory of Pure Exchange:Individual Demand and Equilibrium," MPRA Paper 78716, University Library of Munich, Germany.
    3. Dominique, C-Rene, 2009. "Could Markets' Equilibrium Sets Be Fractal Attractors?," MPRA Paper 13624, University Library of Munich, Germany.
    4. Dominique, C-Rene, 2016. "Ordinal Space, Utility, and Consumer Demand: A Clarifying Note," MPRA Paper 75030, University Library of Munich, Germany.
    5. Drew Zhu, 2016. "Demand without Utility: The First Evidence," 2016 Papers pzh519, Job Market Papers.
    6. Dominique, C-Rene, 2009. "On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum," MPRA Paper 18292, University Library of Munich, Germany.

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    More about this item

    Keywords

    Walrasian structures; preference orderings; irrationality; utility functions; and equilibrium price vectors;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A10 - General Economics and Teaching - - General Economics - - - General
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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