Preference Relations and Utility
Choice theory formally represents consumers by a preference relation, and use this representation to derive indifference curves showing combinations of equal preference to the consumer.
Read more about this topic: Indifference Curve
Famous quotes containing the words preference, relations and/or utility:
“It is impossible for us to love anything without some respect to ourselves; and we only consult our own inclination and our own pleasure when we prefer our friends to ourselves. And yet this preference is the only thing that can render friendship perfect and sincere.”
—François, Duc De La Rochefoucauld (1613–1680)
“I want relations which are not purely personal, based on purely personal qualities; but relations based upon some unanimous accord in truth or belief, and a harmony of purpose, rather than of personality. I am weary of personality.... Let us be easy and impersonal, not forever fingering over our own souls, and the souls of our acquaintances, but trying to create a new life, a new common life, a new complete tree of life from the roots that are within us.”
—D.H. (David Herbert)
“Moral sensibilities are nowadays at such cross-purposes that to one man a morality is proved by its utility, while to another its utility refutes it.”
—Friedrich Nietzsche (1844–1900)