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user 13821
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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Are Cobb-Douglas preferences homothetic?
Our lecture defined a preference to be homothetic, if the following is true:
$$(x_1, x_2) \thicksim (y_1, y_2) \Leftrightarrow (kx_1, kx_2) \thicksim (ky_1, ky_2)$$
Cobb-Douglas preferences can be displayed … The wikipedia article about Homothetic preferences however defined a preference to be homothetic, if they can be represented by a utility function and the following is true:
$$ u(kx_1, kx_2) = k \cdot …
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