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The weak axiom of revealed preference and homogeneity of demand functions

Reinhard John

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Abstract

Abstract We characterize (a weak version of) the Weak Axiom of Revealed Preference for demand functions which are not necessarily homogeneous. We relate this property to the validity of the Weak Axiom and to the negative semidefiniteness of the Slutsky substitution matrices. In particular, it is shown that the Weak Axiom implies homogeneity.

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Abstract We characterize (a weak version of) the Weak Axiom of Revealed Preference for demand functions which are not necessarily homogeneous. We relate this property to the validity of the Weak Axiom and to the negative semidefiniteness of the Slutsky substitution matrices. In particular, it is shown that the Weak Axiom implies homogeneity.

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Available abstract

Abstract We characterize (a weak version of) the Weak Axiom of Revealed Preference for demand functions which are not necessarily homogeneous. We relate this property to the validity of the Weak Axiom and to the negative semidefiniteness of the Slutsky substitution matrices. In particular, it is shown that the Weak Axiom implies homogeneity.

Key concepts: Axiom, Revealed preference, Homogeneity (statistics), Homogeneous, Axiom independence, Mathematical economics, Substitution (logic), Mathematics

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