Hendrik S. Houthakker
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Hendrik Samuel "Hank" Houthakker (born December 31, 1924, died April 15, 2008) was a Dutch Jewish-born American economist.
He was born in Amsterdam and completed his graduate work at the University of Amsterdam in 1949. He taught at Stanford University from 1954 to 1960 and then completed the rest of his career at Harvard University. Houthakker served on President Nixon's Council of Economic Advisers from 1969 to 1971.
Houthakker's contributions to economic theory have been summarized by Pollak (1990). He is particularly well known for the Strong Axiom of Revealed Preference, to which his name is often attached (see Houthakker 1950). This paper reconciles Paul Samuelson's revealed preference approach to demand theory with the earlier ordinal utility approach of Eugene Slutsky and Sir John Hicks, by showing that demand functions satisfy his Strong Axiom if and only if they can be generated by maximising a set of preferences that are "well-behaved" in the sense that they satisfy the axioms of choice theory, that is, they are reflexive, transitive, complete, montononic, convex and continuous - essentially the conditions required for a Hicksian approach to demand theory.
[edit] References
- Houthakker, H. S., (1950). Revealed preference and the utility function. Economica (New Series), 17, 159-174.
- Pollak, R. A. (1990). Distinguished Fellow: Houthakker's Contributions to Economics. Journal of Economic Perspectives, 4(2), 141-156.
- Bernstein, Adam. "Hendrik Houthakker, 83; Economist, Nixon Adviser", Obituaries, Washington Post, 2008-04-23, p. B07. Retrieved on 2008-04-28.
