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Choice, Preference, and Utility - Lecture Slides

Lectures 1 2: Choice, preference , and Utility Alexander Wolitzky MIT. 1. Individual Decision-Making Economics studies interaction of individual decision-makers. : theory of individual choice Rest of micro sequence: how individuals interact in markets and other settings 2. Utility Maximization Basic model of individual choice: A decision-maker (DM) must choose one alternative x from a set X . Chooses to maximize a Utility function u. u speci es how much Utility DM gets from each alternative: u:X R. Example: DM chooses whether to eat an apple or a banana. X = {apple, banana}. Utility function might say u (apple ) = 7, u (banana) = 12. 3. What do Utility Levels Mean?

represents preference relation t if, for all x, y, x t y ⇔ u (x) ≥ u (y ) banana t apple is represented by both u (apple) = 7, u (banana) = 12 and u (apple) = 2, u (banana) = 15. If u represents t, so does any strictly increasing transformation of u. Representing a given preference relation is an ordinal property. The numerical values of ...

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