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Preference Economics - Unlocking the Power of Choice A Journey into Preference Economics - cover

Preference Economics - Unlocking the Power of Choice A Journey into Preference Economics

Fouad Sabry

Publisher: One Billion Knowledgeable

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Summary

What is Preference Economics
 
In economics and other social sciences, the term "preference" refers to the order in which an agent ranks options based on their relative usefulness, often with the goal of finding the "optimal choice." Generally speaking, preferences are assessments that are concerned with considerations of value and are often related to practical reasoning. A person's preferences are not influenced by factors like as the costs of the commodities, their availability, or their own personal income; rather, they are decided solely by the individual's tastes, requirements, and other factors. Classical economics, on the other hand, relies on the assumption that individuals behave in their own best (rational) interest. Taking this scenario into consideration, logic would require that when an individual is presented with a choice, they will choose the alternative that optimizes their own self-interest. Preferences, on the other hand, are not necessarily transferable. This is due to the fact that actual people are not always rational, and also because preferences might form cycles under some circumstances, in which case there is no clearly defined best decision. The Efron dice are a good illustration of this.
 
How you will benefit
 
(I) Insights, and validations about the following topics:
 
Chapter 1: Preference (economics)
 
Chapter 2: Utility
 
Chapter 3: Indifference curve
 
Chapter 4: Arrow's impossibility theorem
 
Chapter 5: Social welfare function
 
Chapter 6: Consumer choice
 
Chapter 7: Budget constraint
 
Chapter 8: Marginal rate of substitution
 
Chapter 9: Loss function
 
Chapter 10: Expected utility hypothesis
 
Chapter 11: Utility maximization problem
 
Chapter 12: Ordinal utility
 
Chapter 13: Cardinal utility
 
Chapter 14: Revealed preference
 
Chapter 15: Sonnenschein-Mantel-Debreu theorem
 
Chapter 16: Quasilinear utility
 
Chapter 17: Utility-possibility frontier
 
Chapter 18: Von Neumann-Morgenstern utility theorem
 
Chapter 19: Preference
 
Chapter 20: Debreu's representation theorems
 
Chapter 21: Overtaking criterion
 
(II) Answering the public top questions about preference economics.
 
(III) Real world examples for the usage of preference economics in many fields.
 
Who this book is for
 
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of preference economics.
Available since: 01/07/2024.
Print length: 290 pages.

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