Indifference Curve - Preference Relations and Utility

Preference Relations and Utility

Choice theory formally represents consumers by a preference relation, and use this representation to derive indifference curves showing combinations of equal preference to the consumer.

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Famous quotes containing the words preference, relations and/or utility:

    “Moral choices do not depend on personal preference and private decision but on right reason and, I would add, divine order.”
    —Basil Hume (b. 1923)

    “Think of the many different relations of form and content. E.g., the many pairs of trousers and what’s in them.”
    —Mason Cooley (b. 1927)

    “Moral sensibilities are nowadays at such cross-purposes that to one man a morality is proved by its utility, while to another its utility refutes it.”
    —Friedrich Nietzsche (1844–1900)