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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Efficiency and Inefficiency

Efficiency and Inefficiency

(p.173) II.6 Efficiency and Inefficiency
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This is the last of six chapters in Part II about demand and utility cost, a typical area for what is understood as choice theory, and discusses efficiency and inefficiency. Economic theory represents consumers or producers as perfectly efficient, according to various criteria, but in experience, inefficiencies of every kind abound. Models should incorporate this phenomenon, and this chapter investigates some ways of doing that, first for consumers and then for producers. There is also a development of questions about efficiency measurement. The four sections of the chapter are: consumer inefficiency; attainable efficiencies; utility approximation; and production efficiency.

Keywords:   attainable efficiency, choice, choice theory, consumer inefficiency, consumers, demand, economic theory, efficiency, efficiency measurement, inefficiency, measurement of efficiency, models, producers, production efficiency, utility approximation, utility cost

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