This article obtains demand functions for risky assets without making a priori assumptions about the form of the utility function. In a simple portfolio model, the envelope theorem is applied to the ...

They provide three contributions. First, they provide an explicit connection between the form of the utility function and the graphical presentation of the indifference curves, budget constraints, and ...

The assumptions of completeness, two-term consistency, transitivity and continuity are necessary for constructing a utility function over a set of preferences. 4.