An axiomatic approach to consumers' welfare

Reinhard Selten, Eyal Winter*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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.

Original languageAmerican English
Pages (from-to)19-30
Number of pages12
JournalMathematical Social Sciences
Issue number1
StatePublished - Feb 1994


  • Axiomatic approach
  • Demand function
  • Measure
  • Welfare


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