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The demand functions that satisfy the weak axiom of revealed preference and generalized monotonicity
Authors:D L Zhu  
Abstract:We prove that the individual demand function satisfying the Weak Axiom of Revealed Preference and the excess demand function satisfying the Wald’s Axiom are pseudomonotone*+, a new class of generalized monotonicity. With this new concept, we refine the characterization of Zhou for the individual demand function. In particular, a full characterization for the excess demand functions satisfying the Wald’s Axiom is derived.
Keywords:Individual demand function  Weak axiom of revealed preference  Excess demand function  Wald’  s Axiom  Generalized monotonicity
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