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:
“The television screen, so unlike the movie screen, sharply reduced human beings, revealed them as small, trivial, flat, in two banal dimensions, drained of color. Wasn’t there something reassuring about it!—that human beings were in fact merely images of a kind registered in one another’s eyes and brains, phenomena composed of microscopic flickering dots like atoms. They were atoms—nothing more. A quick switch of the dial and they disappeared and who could lament the loss?”
—Joyce Carol Oates (b. 1938)
“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)