Preference relations x y andy x imply xy X y and(not y x)imply x>y
Preference Relations x y and y x imply x ~ y. x y and (not y x) imply x y. ~ f ~ f ~ f ~ f p
Assumptions about Preference Relations Completeness: For any two bundles x and y it is always possible to make the statement that either X y or y∑x
Assumptions about Preference Relations Completeness: For any two bundles x and y it is always possible to make the statement that either x y or y x. ~ f ~ f
Assumptions about Preference Relations Reflexivity: Any bundle x is always at least as preferred as itself; lie x >x
Assumptions about Preference Relations Reflexivity: Any bundle x is always at least as preferred as itself; i.e. x x. ~ f
Assumptions about Preference Relations Transitivity: If x is at least as preferred as y, and y is at least as preferred as z, then x is at least as preferred as z; ie x y andy x
Assumptions about Preference Relations Transitivity: If x is at least as preferred as y, and y is at least as preferred as z, then x is at least as preferred as z; i.e. x y and y z x z. ~ f ~ f ~ f
Indifference Curves 无差异团线(或无差异焦 Take a reference bundle x the set of all bundles equally preferred to x is the indifference curve containing X'; the set of all bundles y oX Since an indifference“ curve” is not always a curve a better name might be an indifference set)
Indifference Curves 无差异曲线 (或,无差异集) Take a reference bundle x’. The set of all bundles equally preferred to x’ is the indifference curve containing x’; the set of all bundles y ~ x’. Since an indifference “curve” is not always a curve a better name might be an indifference “set