An axiomatic approach to consumers' welfare

Selten, R. and Winter, E. (1994) An axiomatic approach to consumers' welfare. Mathematical Social Sciences, 27 (1). pp. 19-30. ISSN 0165-4896

Abstract

This paper addresses the issue of consumers' welfare using an axiomatic approach, and avoiding the assumption of utility maximization. We take here the demand function as a primitive, and construct a measure for the consumers' welfare from a change of prices. This is done by imposing a set of axioms on this measure which uniquely determines it. © 1994.