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:
“When I am convinced of any principle, it is only an idea which strikes more strongly upon me. When I give the preference to one set of arguments above another, I do nothing but decide from my feeling concerning the superiority of their influence.”
—David Hume (1711–1776)
“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)