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- Title
An ordinal theorem of the maximum.
- Authors
Weretka, Marek
- Abstract
This paper extends the notion of equivalent variation, Hicks (Value and capital, 1939) to an abstract decision problem. It also provides a modern, ordinal variant of the maximum theorem, Berge (Topological spaces: including a treatment of multi-valued functions, vector spaces, and convexity, Courier Corporation, Chelmsford, 1963) that formulates the assumptions in terms of underlying preferences and demonstrates the continuity of the classic preference-based welfare indices (i.e., the equivalent and compensating variations) as well as the upper hemicontinuity of the choice correspondence. We apply the theorem to relevant economic problems.
- Subjects
CHELMSFORD (England); VECTOR spaces; TOPOLOGICAL spaces; STATISTICAL decision making; CONTINUITY
- Publication
Economic Theory, 2023, Vol 76, Issue 1, p353
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/s00199-022-01458-w