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 know all those people. I have friendly, social, and criminal relations with the whole lot of them.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“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)