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Two New Proofs of Afriat's Theorem

Author

Listed:
  • Herbert E. Scarf

    (Yale University, Cowles Foundation)

  • Ana Fostel

    (Yale University, Faculty of Arts & Sciences, Department of Economics (Box 8268))

  • Michael J. Todd

    (Cornell University, School of Operations Research, Operations Research & Industrial Engineering)

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.

Suggested Citation

  • Herbert E. Scarf & Ana Fostel & Michael J. Todd, 2004. "Two New Proofs of Afriat's Theorem," Yale School of Management Working Papers ysm377, Yale School of Management.
    • Handle: RePEc:ysm:somwrk:ysm377
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    Keywords

    Afriat's theorem; SARP; GARP;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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