Portal de Periódicos da CAPES

A synthesis of pure demand analysis

1943; Taylor & Francis; Volume: 1943; Issue: 3-4 Linguagem: Inglês

10.1080/03461238.1943.10404737

1651-2030

Herman Wold,

Economic theories and models

Abstract § 29. Introduction. As stressed and partly proved in the first part of the present paper1, the different approaches in individual demand theory are equivalent, forming alternative aspects of the same system of ideas: the body of theoretical doctrines based on the notion of indifference map. In this part we shall subject the fundamental notion of indifference map to a closer examination. One of the main purposes of the study is to prepare the analysis of the demand function approach. On the other hand, since no general theory of indifference maps has been attempted before2, the presentation begins with the groundwork, and is fairly detailed, The defining properties of the indifference maps are stated as axioms, chosen so that the basis of the theory will be simple and intuitive3. The axioms attach to the Pareto theory of choice, but are more general than those used in § 16–;17. Nota bene, the axiomatic system presented does not claim to be definite ; possible generalizations are touched upon in § 30 and § 44.