Tsinghua Micro Ch3 Preferences 消费者偏好 《微观经济学》.pptVIP

Chapter Three Preferences 消费者偏好 Where Are We in the Course? We are studying the 1st of the three blocks of microeconomics: Consumer behavior, production theory, and market equilibrium Within the 1st block, we are working on the 2nd of the three components: choice set, preference, and consumer demand What Do We Mean by Preference? (偏好) It refers to the ordered relationship among alternative choices given by an economic agent. In most economic literature, consumer preference is treated as the ultimate exogenous element. Preference Relations Comparing two different consumption bundles, x and