Numerical representability of preferences by economic functions

作者：Fuchs Seliger Susanne^*

来源：Journal of Mathematical Analysis and Applications, 2015, 424(2): 1223-1236.

DOI：10.1016/j.jmaa.2014.11.052

• Preference relation
• Representability
• Benefit function
• Income compensation function
• Money-metric utility function
• Distance function

This article is concerned with the representation of the individual's preference relation by numerical functions, which are well-known in economics. The functions to be considered in this paper are the income compensation function, an appropriate distance function, and a Luenberger-type benefit function, which represent the individual's preferences under slightly different conditions. Since these functions have an appealing economic meaning, the individual's preferences can be represented in an appropriate economic context. Therefore, the preferences will not only be represented by an abstract unknown utility function, but by a function which can be constructed in the corresponding economic model. By this approach the hedonistic and problematic notion of utility can be avoided.

• 出版日期2015-4-15