Questions tagged [preferences]

Binary relations that reflect which states of the world an agent considers to be most desirable. Preferences are a fundamental ingredient in the axiomatic study of consumer choice decision theory.

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Convex Preference but Convex Utility

Can preference be convex when utility is not a concave function (e.g. $U=x_1^2 + x_2^2$)?
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How can I tell if 2 different utility functions represent the same preferences?

I need to verify that $u(x,y)=x^{1/3}y^{1/3}$ represents the same preferences as $v(x,y)=x^3y^3$. Obviously these are completely different functions with different derivatives, so what am I comparing? ...
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Does Debreu's representation theorem of ordinal utility require Hausdorff topology?

By Debreu's theorem of ordinal utility, any continuous weak order on $X$ is represented with a continuous utility function, if $X$ is a second countable or connected separable topological space. My ...
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Present-bias vs future-bias

There is a huge literature in economics that studies time-inconsistencies in decision-making and that consistently finds that individuals make present-biased choices in a variety of contexts: we do ...
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Research Design: Indifference curves and budget lines

I have a basic Idea on how to construct indifference curves such that we must use two goods and then ask for pairs of bundles which are preference indifferent. When doing applied research on ...
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If $\succsim$ is rational, then $B \mapsto C^*(B, \succsim)$ satisfies the weak axiom, and $\succsim=\succsim^*$

If $\succsim$ is rational, then $B \mapsto C^*(B, \succsim)$ satisfies the weak axiom, and $\succsim=\succsim^*$ Previously in the same theorem actually, they proved the following: If $C$ is a ...
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Axiom: More is Better; But when is more better?

I'm taking an introductory microeconomics course and have been introduced to the 3 axioms of economic preferences. These include Completeness Transitivity Non-satiation My understanding of non-...
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Consumer preferences

I want to know under what preferences relation will I not want to consume all of my budget. Because if my preferences are strictly monotonic, strictly convex or convex, even LNS or continuous. I would ...
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