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Ordients: Optimization and comparative statics without utility functions

Renou, Ludovic and Schlag, Karl H (2014) 'Ordients: Optimization and comparative statics without utility functions.' Journal of Economic Theory, 154. pp. 612-632. ISSN 0022-0531

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Abstract

This paper introduces the concept of ordient for binary relations (preferences), a relative of the concept of gradient for functions (utilities). Ordients have a natural economic interpretation as marginal rates of substitution. Some examples of ordientable binary relations include the lexicographic order, binary relations resulting from the sequential applications of multiple rationales or binary relations with differentiable representations. We characterize the constrained maxima of binary relations through ordients and provide an implicit function theorem and an envelope theorem.

Item Type: Article
Uncontrolled Keywords: Binary relation; Ordient; Maxima; Envelope theorem; Implicit function theorem
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 26 Jun 2015 06:26
Last Modified: 26 Jun 2015 06:26
URI: http://repository.essex.ac.uk/id/eprint/14114

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