Somdeb Lahiri
Abstract
In this paper we extend the weak and strong axioms of revealed preference to markets with rationing and establish that if the observed demand behaviour in such markets satisfy the strong axiom of revealed preference, then it is representable by a utility function.
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In this paper we extend the weak and strong axioms of revealed preference to markets with rationing and establish that if the observed demand behaviour in such markets satisfy the strong axiom of revealed preference, then it is representable by a utility function.
Key concepts: Axiom, Preference, Rationing, Revealed preference, Microeconomics, Economics, Mathematical economics, Function (biology)