Revealed homothetic preference and technology

DOI10.1016/S0304-4068(00)00046-XMaRDI QIDQ1590375zbMATH OpenOpenAlexFDO

Authors Pak-Wai Liu, Kam-Chau Wong

Publication date 21 December 2000

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/s0304-4068(00)00046-x

zbMATH Keywords

consumer behaviourpreferencesproduction analysis

Mathematics Subject Classification ID

Individual preferences (91B08) Production theory, theory of the firm (91B38) Consumer behavior, demand theory (91B42)

Review text

Homothetic preferences are elementary notions in economics. They are important in both theory and applications. The significance of assuming such preferences, however, cannot be understood unless the demand behaviour they generate can be characterized. The authors of this paper provide a complete such characterization. Using the revealed preference approach, the authors introduce a new axiom that completely characterizes the consumer demand behaviour generated by homothetic preferences. This axiom provides also a unified basis for sharpening several previous theorems on homothetic rationalizations. The proposed approach is also useful for the production analysis, since it allows for new characterizations of the input demand behaviour that is generated by homothetic production functions.

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Cited in

(4)

• Conditional ordering extensions
• Linear-homothetic preferences
• Homothetic Efficiency: Theory and Applications
• Homothetic preferences on star-shaped sets.

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