Abstract
This paper presents a proof of Afriat’s (Int Econ Rev 8:67–77) theorem on revealed preference by using the idea that a rational consumer should not be vulnerable to arbitrage. The main mathematical tool is the separating hyperplane theorem.
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I am grateful to Nicholas Yannelis, an anonymous co-editor and an anonymous referee for helpful comments
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Beggs, A. Afriat and arbitrage. Econ Theory Bull 9, 167–176 (2021). https://doi.org/10.1007/s40505-021-00208-w
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DOI: https://doi.org/10.1007/s40505-021-00208-w