In this essay, we read McKenzie's seventeen paragraphs of 1957 on “demand theory without a utility index” as an opening to the narrative of 20th-century demand theory, and as a lever for the understanding of what has now reached culmination as the neoclassical theory of demand. In tracking...

We provide necessary and sufficient conditions such that consumption and asset demands in an incomplete market setting can be rationalized by Kreps-Porteus-Selden preferences and provide a means for recovering the underlying unique representations of risk and time preferences. The incompleteness...

A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer purchase histories across a wide array of markets and industries vastly expands the prospect for...