Preference and Utility - UCLA Economics

Strict preference relation ˜is de ned by x ˜y ,fx y and y xg Indi erence Indi erence ˘is de ned by x ˘y ,fx y and y xg. From a rational preference, we can derive a strict preference that satis es asymmetry and negative transitivity. On the other hand, we can derive a rational preference from a strict preference that satis es these properties.

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