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Results tagged with choice-theory
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user 8560
a conglomerate of models and results concerning the aggregation of individual choices into collective choices
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Boots' Theory by Pratchett
Consider the following quote from the book, $\textit{Men at Arms}$ by Terry Pratchett.
“The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.
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Weierstrass Thm: Continuous Fn Attaining Extrema on Compact Domain $u:\mathbb{R^L}\rightarro...
This is just semantics, but MWG doesn't use the Weierstrass Theorem in its Math Appendix when using the fact that a continuous function always has a max value on any compact set.
Some books appeal di …
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Why is Price Vector Orthogonal to Vector connecting two bundles on Budget Hyperplane
Here is my revised version/understanding why price vector is orthogonal to any vector from a bundle on the budget hyperplane to another bundle on the hyperplane: (see below for original question)
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My Challenge in Econ 101 explanation of Marginal Benefit = Marginal Cost
In Econ 101 textbooks, there are lots of examples and emphasis on marginal analysis leading to the greatest equation of all, $MB=MC$.
My challenge is the following and wonder if anyone had a similar …
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1
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Consequentialist View of Risk
In MWG, the authors introduce the consequentialist view of risk by assuming for any risky alternative, only the reduced lottery over final outcome matters to decision maker.
From philosophical view, …
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1
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Inc Linear Transformation of Bernoulli Utility
According to MWG Proposition 6.B.2, it illustrates that the expected utility form is preserved only by increasing linear transformation.
What is the significance of this proposition?
The part I fin …
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6
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2
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Continuous rational and monotone preference relation implies $x\succsim0$?
I updated my proof to a general version as follows: please share your thoughts & 2cent. Thanks
Show a monotone continuous complete preorder on $\mathbb{R}^L_+$ has $y\geq x\rightarrow y\succsim x$.
P …
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(Preference Relation/Set) Continuous $\succsim$ imply closedness of upper and lower contour ...
[ADDED/MODIFIED] : I have put my proof where the commodity space is simply $\mathbb{R_+}$(e.g. nonnegative reals) for simplicity below. Please share your 2 cent. I have put words to aid my own underst …
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Continuous Preference Relation Imply Continuous Utility Fn Existence
I am reading MWG's explanation in Chapter 3 when showing continuous preference relation implies the existence of continuous utility function.
First, the authors show $u(.)$ is continuous by using the …
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