On 2/17/06, Daniel Davies <[EMAIL PROTECTED]> wrote: > non-satiation is one of the von Neumann/ Morgenstern axioms. You need it in > order to derive most of the fixed-point theorems that underpin utility > theory, which matters more to people who think (unlike me but like a lot of > college professors) that utility theory is really important to neoclassical > economics.
my favorite NC assumption is part of the proof of the existence of God -- oops, I mean General Equilibrium, i.e., "free disposal." That is, if there's undemanded labor (for example), you can throw it away. JD
