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The top documents tagged [x x ux ux x x ux ux]
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Chapter Four Utility. Preferences - A Reminder u x y: x is preferred strictly to y. x y: x and y are equally preferred. u x y: x is preferred at least
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Chapter Four Utility. Utility Functions A utility function U(x) represents a preference relation if and only if: x’ x” U(x’) > U(x”) x’ x” U(x’)
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Chapter Four Utility. Utility Functions u A preference relation that is complete, reflexive, transitive and continuous can be represented by a continuous
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Chapter 4 Utility. 2 Introduction Last chapter we talk about preference, describing the ordering of what a consumer prefers. For a more convenient mathematical
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