Revealed preference theory
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987007581311405171
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Information for Authority record
Name (Hebrew)
העדפה נגלית
Name (Latin)
Revealed preference theory
Name (Arabic)
تفضيل ظاهر
See Also From tracing topical name
Consumers' preferences
Utility theory
MARC
MARC
Other Identifiers
Wikidata:
Q1323737
Library of congress:
sh2010015479
Sources of Information
- Work cat.: Wong, S. The foundations of Paul Samuelson's revealed preference theory, 2006.
- Herriges, J. Revealed preference approaches to environmental valuation, 2008.
- Wikipedia, Dec. 22, 2010(Revealed preference. Revealed preference theory, pioneered by American economist Paul Samuelson, is a method by which it is possible to discern the best possible option on the basis of consumer behavior. Essentially, this means that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory came about because the theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS is based on the assumption that consumers make consumption decisions based on their intent to maximize their utility. While utility maximization was not a controversial assumption, the underlying utility functions could not be measured with great certainty.)
- Black, J. A dictionary of economics, 2009(Revealed preference. Information about preferences revealed by economic choices. As prices and income change a consumer will make different choices. The observed choices can be used to construct a preference order for the consumer. Consider three bundles of goods, A, B, ...)