The Nonconcavity of Money-Metric Utility : A New Formulation and Proof

We offer a new, succinct proof that the money metric utility is concave for any preference relation representable by a concave function if and only if the indirect utility is affine in wealth. The proof exploits the existence of a least concave representation established in Debreu (1976), a connection which shows the money metric to be itself a least-concave representation of the preferences if it is concave, an observation not heretofore made before

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Year of publication:	2016
Authors:	Khan, M. Ali
Other Persons:	Schlee, Edward E. (contributor)
Publisher:	[2016]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Nutzen \| Utility \| Wohlfahrtsökonomik \| Welfare economics

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Extent:	1 Online-Ressource (7 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 26, 2016 erstellt
Other identifiers:	10.2139/ssrn.2876141 [DOI]
Classification:	D11 - Consumer Economics: Theory ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D61 - Allocative Efficiency; Cost-Benefit Analysis
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012978560