Title

Two New Proofs of Afriat's Theorem

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.

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