An Axiomatization of the Leontief Preferences

An axiomatic characterization of the well known Leontief preferences is given. The key axiom is upper consistency, which states that for any two bundles, another bundle is weakly preferred to at least one of them if and only if it is weakly preferred to the bundle that contains the least amount of e...

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Bibliographic Details
Published in:Finnish economic papers 2012, Vol.25 (1), p.20
Main Author: Ninjbat, Uuganbaatar
Format: Article
Language:English
Online Access:Get full text
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Summary:An axiomatic characterization of the well known Leontief preferences is given. The key axiom is upper consistency, which states that for any two bundles, another bundle is weakly preferred to at least one of them if and only if it is weakly preferred to the bundle that contains the least amount of each commodity in them.
ISSN:0784-5197