Weak Axiom of Revealed Preference Theory

Описание к видео Weak Axiom of Revealed Preference Theory

The revealed preference theory is used on the assumption that the consumer has preferences and chooses the best bundle of goods she can afford. But a question arises that how can we tell that the consumer is maximising?

The weak axiom of revealed preference states that, if (x1, x2) is directly revealed preferred to (y1,y2), and the two bundles are not the same, then it cannot happen that (y1, y2) is directly revealed preferred to (x1, x2)

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