Document Type
Discussion Paper
Publication Date
5-1-2003
CFDP Number
1415
CFDP Pages
10
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.
Recommended Citation
Fostel, Ana; Scarf, Herbert E.; and Todd, Michael J., "Two New Proofs of Afriat's Theorem" (2003). Cowles Foundation Discussion Papers. 1684.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1684