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Published in:
1989 | OriginalPaper | Chapter
Revelation of Preferences
Author : J.-J. Laffont
Published in: Allocation, Information and Markets
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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Competitive rational consumers reveal their preferences through their market behaviour, as was made clear by Samuelson’s ( 1947) revealed preference approach and by the literature on demand theory. Any bundle of commodities less costly than his chosen bundle must be less appreciated by a rational consumer than his chosen bundle.