Lernkarten

Karten 35 Karten
Lernende 0 Lernende
Sprache English
Stufe Universität
Erstellt / Aktualisiert 06.06.2019 / 06.06.2019
Lizenzierung Namensnennung - Nicht-kommerziell - Keine Bearbeitung (CC BY-NC-ND)     (Unversité de Genève, cours de Pr. Monika Mrazova)
Weblink
Einbinden
0 Exakte Antworten 35 Text Antworten 0 Multiple Choice Antworten
Fenster schliessen

Which of the following utility functions could be used to represent David’s preference ordering?

Lizenzierung: Keine Angabe

Not the 3rd nor the 5th

Fenster schliessen

Preferences axioms

I complete: any two bundles can be compared
I reflexive: any bundle is at least as good as itself X >= X
I transitive: if X  >= Y and Y >= Z then X >= Z

Fenster schliessen

Example for MRS

Lizenzierung: Keine Angabe
Fenster schliessen

The Marginal Rate of Substitution (MRS)

Lizenzierung: Keine Angabe
Fenster schliessen

Well behaved preferences

Monotonicity: more is preferred to less

Convexity: the average is preferred to extremes

Fenster schliessen

Bad, neutral, satiation point, discrete

Lizenzierung: Keine Angabe
Fenster schliessen

Perfect Complements

Lizenzierung: Keine Angabe

Goods that are always consumed together in fixed proportions (measured by the slope of the ray through the origin)
Only the number of pairs of units of the two commodities determines the preference rank-order of bundles

Fenster schliessen

Perfect Substitutes

Lizenzierung: Keine Angabe

The consumer is willing to substitute one good for another at a constant rate (measured by the slope of the indifference
curves)
Only the total amount of the two commodities in bundles determines their preference rank-order