ABSTRACT
The standard theory of demand deduces the existence of a utility function from preference relations among bundles of commodities together with some convenient mathematical properties, many far from economics. The theory assumes anybody can state a preference between any two bundles of commodities, no matter how remote from their experience. Debreu (1959, chap. 4) describes clearly, concisely, and rigorously this standard theory of demand. This theory confines itself to those deductions it can derive from a person’s ranking of bundles of commodities and claims that it can dispense with measurable utility. It is silent about substantive relations among commodities and their implications. For example, that gasoline is a fuel for automobiles does not concern the standard theory.
