【正文】
Chapter Three Preferences 消費(fèi)者偏好 Where Are We in the Course? ? We are studying the 1st of the three blocks of microeconomics: Consumer behavior, production theory, and market equilibrium ?Within the 1st block, we are working on the 2nd of the three ponents: choice set, preference, and consumer demand What Do We Mean by Preference? (偏好 ) ? It refers to the ordered relationship among alternative choices given by an economic agent. ? In most economic literature, consumer preference is treated as the ultimate exogenous element. Preference Relations ?Comparing two different consumption bundles, x and y: –strict preference: x is more preferred than is y. –weak preference: x is as at least as preferred as is y. –Indifference: x is exactly as preferred as is y. Notations ? denotes strict preference。 ? ~ denotes indifference。 ? denotes weak preference。 p ~ f Preference Relations ?x y and y x imply x ~ y. ?x y and (not y x) imply x y. ~ f ~ f~ f ~ fp 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~ fAssumptions about Preference Relations ?Reflexivity: Any bundle x is always at least as preferred as itself。 . x x. ~ fAssumptions 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。 . x y and y z x z. ~ f ~ f ~ fIndifference Cu