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Mathematical utility theory and the representability of demand by continuous homogeneous functions |
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| Authors: | José C. R. Alcantud Gianni Bosi Carlos R. Palmero Magalì E. Zuanon |
| Affiliation: | (1) Facultad de Economía y Empresa, Universidad de Salamanca, E 37008 Salamanca, Spain;(2) Dipartimento di Matematica Applicata “Bruno de Finetti”, Università di Trieste, Piazzale Europa 1, 34127 Trieste, Italy;(3) Facultad de Ciencias Económicas y Empresariales, Universidad de Valladolid, E 47011 Valladolid, Spain;(4) Istituto di Econometria e Matematica per le Decisioni Economiche, Università Cattolica del Sacro Cuore, Largo A. Gemelli 1, 20123 Milano, Italy |
| Abstract: | The resort to utility-theoretical issues will permit us to propose a constructive procedure for deriving a homogeneous of degree one continuous function that gives raise to a primitive demand function under suitably mild conditions. This constitutes the first self-contained and elementary proof of a necessary and sufficient condition for an integrability problem to have a solution by continuous (subjective utility) functions.The work of José C. R. Alcantud has been supported by FEDER and Ministerio de Educación y Ciencia under the Research Project SEJ2005-0304/ECON, and by Consejería de Educación (Junta de Castilla y León) under the Research Project SA098A05. Carlos R. Palmero acknowledges financial support by FEDER and Ministerio de Educación y Ciencia under the Research Project SEJ2005-08709/ECON, and by Consejería de Educación (Junta de Castilla y León) under the Research Project VA017B05. |
| Keywords: | Strong axiom of homothetic revelation Revealed preference Continuous homogeneous of degree one utility Integrability of demand |
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