Center for Economic Research, Department of Economics, University of Minnesota
We show the parallel nature of two approaches to nontransitive or nontotal
consumers: through "weak" preferences and through "strict" preferences. This
yields specific results (e.g., a new equilibrium existence theorem with weak
preferences), general results (a Metatheorem translating between the two
approaches), and general concepts (a new notion of "rationality"). We give
revealed preference axioms to characterize preferences, and prove equivalences
among several axiom systems, showing that the apparent weakness of some axiom
systems is illusory. We resolve a Weak Axiom conjecture, and we introduce a new
axiom. We prove that our nonclassical consumers generalize classical equilibrium
Kim, T. and Richter, M.K., (1985), "Nontransitive-Nontotal Consumer Theory", Discussion Paper No. 226, Center for Economic Research, Department of Economics, University of Minnesota.
Kim, Taesung; Richter, Marcel K..
Nontransitive-Nontotal Consumer Theory.
Center for Economic Research, Department of Economics, University of Minnesota.
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