倫敦經(jīng)濟(jì)學(xué)院高微講義-消費(fèi)者理論(2)-wenkub
2022-11-03 10:46:05 本頁面
【正文】 aracteristics of goods. ? Then invoke standard axioms over this extended space of goods. ? So for example {apple,banana,cherry} and {rain,sunshine} gives us 3x2 = 6 statespecific goods: {ar,as,br,bs,cr,cs}. OK. Time for a spot of revisionWhat about preferences? ? Completeness ? Transitivity ? Continuity ? Greed ? (Strict) Quasiconcavity ? Smoothness to ensure existence of indifference curves shape } Let39。s look at these in the 2state example... Another look at preference axioms Greed: Prospect B is preferred to Prospect A ? A ? B x(BLUE) x(RED) Contours of the preference map A pathological preference for certainty (violation of continuity) x(BLUE) x(RED) holes no holes If we invoke continuity then an important concept bees available... ? E x x prospect A is seen as equivalent to a “dead cert” payoff of x ? A ...the certainty equivalent x(BLUE) x(RED) ? E ? A Quasiconcavity: mixtures with certainty equivalent are preferred ?Perceptions of the riskiness of the outes in any prospect ?Aversion to risk let39。s do this by an example. Suppose you prefer... 3: The revealed likelihood axiom apple apple apple apple apple banana banana apple apple apple apple banana banana banana A= A39。 and B39。d sacrifice to eliminate the risk The risk premium... 2211)( MMME ?? ??Expected ine 2121????dMdMSlope Constant E(M) Line is x(BLUE) x(RED) x(BLUE) x(RED) Alf and Bill differ in risk aversion x(BLUE) x(RED) x(BLUE) x(RED) Alf and Bill differ in subjective probability Definition makes sure it is independent of the scale and the origin of ? a xxxxxx( ) :( )(
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1