Revealed Preference and the Utility Function

Houthakker, H. S. (1950). Revealed Preference and the Utility Function. Economica, 17(66), 159-174.

Type

Journal article

Intellectual base

Primary research

Year

1950

DOI

10.2307/2549382

Link

https://doi.org/10.2307/2549382

Cited from

economics_finance

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Indifference Curves
  • provides the observational basis for indifference curves under the weak (and strong) axioms of revealed preference, with the Houthakker (1950)
• Revealed Preference
  • The inversion procedure runs from here — given enough budget-set/choice pairs satisfying WARP (and its strong, transitive extension, SARP), a utility function exists that rationalizes every observed choice, recovered up to monotonic transformation.

    This sourceStates the Strong Axiom of Revealed Preference (SARP) under which a transitive utility function rationalizing the observed choices is recoverable.

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