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:
“That’s one thing I like about Hollywood. The writer is there revealed in his ultimate corruption. He asks no praise, because his praise comes to him in the form of a salary check. In Hollywood the average writer is not young, not honest, not brave, and a bit overdressed. But he is darn good company, which book writers as a rule are not. He is better than what he writes. Most book writers are not as good.”
—Raymond Chandler (1888–1959)
“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)