Notes3

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Chapter 3 The Traditional Approach to Consumer Theory In the previous section, we considered consumer behavior from a choice-based point of view. That is, we assumed that consumers made choices ...

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...Chapter the traditional approach to consumer theory in previous section we considered behavior from a choice based point of view that is assumed consumers made choices about which consumption bundle choose set feasible alternatives and using some rather mild restrictions on homogeneity degree zero walras law warp were able make predictions notice our entirely particular never said anything why behave way they do only hold should be consistent certain ways thetraditional assume has well dened preferences over all alternative bundles attempts select most preferred fromamongthosebundlesthatareavailable thenicethingaboutthisapproachis it allows us build into model how feels trading o one commodity against another because this are more precise however at people started wonder whether derived preference keeping with idea or there could was not maximization turns out if dene making as then cannot but replace slightly stronger still reasonable condition called strong axiom revealed sarp nolan ...

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Posted on: 13 Oct 2022 | 2 years ago
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