Fostel, Anna; Scarf, Herbert E.; Todd, Michael J. - Cowles Foundation for Research in Economics, Yale University - 2003
We provide two new, simple proofs of Afriat's celebrated theorem stating that a finite set of price-quantity observations is consistent with utility maximization if, and only if, the observations satisfy a variation of the Strong Axiom of Revealed Preference known as the Generalized Axiom of...