Microeconomics I partie 8/9
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Set of flashcards Details
Flashcards | 35 |
---|---|
Language | English |
Category | Macro-Economics |
Level | University |
Created / Updated | 06.06.2019 / 02.10.2023 |
Licencing | Attribution-NonCommercial-NoDerivs (CC BY-NC-ND) (Unversité de Genève, cours de Pr. Monika Mrazova) |
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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
Well behaved preferences
Monotonicity: more is preferred to less
Convexity: the average is preferred to extremes