Preference (economics)
In economics and other social sciences, preference refers to the set of assumptions related to ordering some alternatives, based on the degree of happiness, satisfaction, gratification, enjoyment, or utility they provide, a process which results in an optimal "choice" (whether real or theoretical). Although economists are usually not interested in choices or preferences in themselves, they are interested in the theory of choice because it serves as a background for empirical demand analysis.
Read more about Preference (economics): History, Basic Premises, Applications To Theories of Utility, Strict Versus Weak, Agreggation, Expected Utility Theory, Criticism
Famous quotes containing the word preference:
“There is nothing more likely to drive a man mad, than the being unable to get rid of the idea of the distinction between right and wrong, and an obstinate, constitutional preference of the true to the agreeable.”
—William Hazlitt (1778–1830)