Revealed Preference
Revealed preference theory addresses the problem of how to observe ordinal preference relations in the real world. The challenge of revealed preference theory lies in part in determining what goods bundles were foregone, on the basis of the being less liked, when individuals are observed choosing particular bundles of goods.
Read more about this topic: Ordinal Utility
Famous quotes containing the words revealed and/or preference:
“How many young hearts have revealed the fact that what they had been trained to imagine the highest earthly felicity was but the beginning of care, disappointment, and sorrow, and often led to the extremity of mental and physical suffering.”
—Catherine E. Beecher (1800–1878)
“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)