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:
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—Edmund Burke (1729–1797)