I am really confused between monotonic preferences and strictly monotonic preferences, I saw some video and read certain answer where it is mentioned that the
- When preferences are monotone / weak monotonic preference, the
consumer prefers more of both goods.
- When preferences are strictly monotone or having strong monotonic preference, the consumer prefers more of one good but no less of the other.
whereas when I read this other paper it says
- Monotonicity means that if c1 contains more of some or all commodities, but no less of any, than c2 (c1 ≥ c2) then c1 ≿ c2.
- Strict monotonicity means that if c1 contains more of each commodity than c2 (c1 > c2) then c1 strictly prefered c2
I am confused as both the answers are quite contradicting as the (first as per sequence I mentioned) says that in strict preferences the consumer more of at least one good but no less of the other.
whereas (second as per sequence I mentioned) says in strict monotonicity we prefer more of both the goods. Also, I am able to understand the graphical representation of the monotonicity. Please tell me where I am getting it wrong I am really stuck on this. Thank you.