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Two new proofs of Afriat’s theorem

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Summary.

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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Authors and Affiliations

  1. Department of Economics, Yale University, CT 06520-8268, New Haven, USA

    A. Fostel

  2. Cowles Foundation for Research in Economics, Yale University, CT 06520-8281, New Haven, USA

    H. E. Scarf

  3. School of Operations Research and Industrial Engineering, Cornell University, NY 14853, Ithaca, USA

    M. J. Todd

Authors
  1. A. Fostel
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  2. H. E. Scarf
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  3. M. J. Todd
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Corresponding author

Correspondence to A. Fostel.

Additional information

Received: 12 June 2003, Revised: 9 October 2003,

JEL Classification Numbers:

D11, C60.

Correspondence to: A. Fostel

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Fostel, A., Scarf, H.E. & Todd, M.J. Two new proofs of Afriat’s theorem. Economic Theory 24, 211–219 (2004). https://doi.org/10.1007/s00199-003-0438-4

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  • DOI: https://doi.org/10.1007/s00199-003-0438-4

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