Econometrica: Sep 1974, Volume 42, Issue 5

The Nontransitive Consumer

https://doi.org/0012-9682(197409)42:5<913:TNC>2.0.CO;2-L
p. 913-919

Wayne J. Shafer

A consistent theory of demand is possible without the transitivity axiom. Here it is shown that a class of nontransitive orderings can be represented by a continuous numerical function, in such a way that an individual's demand function may be found by solving a constrained maximum problem.

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