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There are two additional relations, called indifference and strict preference that can be defined in terms of the preference relation . Both of these relations inherit the properties of . In order to prove the existence of a utility function that represents choice, transitivity of the strict preference relation is needed. |
Indifference |
Two consumption levels x and x' are indifferent if x x' and if x' x. This is typically written x x'. |
Strict preference |
Consumption level x is strictly preferred to consumption level x' if x x' and x' x. (The symbol mean "not".) In words, x is at least as good as x', but x' is not at least as good as x. This leaves only the possibility that x is strictly preferred to x', which we write as x x'. |
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Page source: http://www.econport.org/econport/request?page=man_consumer_choice_preferences_properties
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