Research Articles

Economic Theory

, Volume 3, Issue 2, pp 335-351

First online:

Duality between direct and indirect preferences

  • Juan -Enrique Martinez-LegazAffiliated withDepartamento de Economica, Universidad Autonoma de Barcelona
  • , Manuel S. SantosAffiliated withDepartamento de Economica, Universidad Carlos III de Madrid

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This paper develops a duality theory for preference orders, and highlights important differences with respect to the cardinal utility approach. Our main result is a symmetric duality theorem, under the minimal hypotheses, between direct and indirect preferences. In contrast to the cardinal theory, we also find that these conditions do not completely characterize the class of indirect preference orders.