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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Budget Allocation and Priority

Budget Allocation and Priority

(p.71) I.4 Budget Allocation and Priority
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This chapter comments on conventional consumer theory looked at from the point of view of a simple consumer who does not understand enough of partial differential equations to implement the usual Allocation Rule. Its six sections are: the Allocation Rule; marginal utility of money; many goods; priority (of goods); law of (diminishing) returns; and adjustment and (purchase) priority rules.

Keywords:   Arrow's impossibility theorem, choice, demand, democratic choice, optimum, positive association, revealed preference, voting

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