Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...

Utility functions are regarded as elements of a linear space that is paired with a dual representation of choices to demonstrate the similarity between preference revelation and the duality of prices and quantities in revealed preference. With respect to preference revelation, quasilinear versus...

The general equilibrium model of market pricing and the duality theory of linear programming (LP) are paradigmatic expressions of the duality relation between quantities and prices. While LP is canonical, the market duality found in general equilibrium theory is regarded as the more...