Part I - Preferences in Positive Economics
Published online by Cambridge University Press: 05 June 2012
Summary
Preferences in Positive Economics
Since preferences are central to mainstream economics, one would expect economists to be explicit about what preferences are. One would expect textbooks to define “preferences” or to distinguish carefully between different notions of preferences. But in fact, economists say little about what preferences are. One finds instead axioms governing preferences and their relations to choices, with little in the way of interpretation.
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- Preference, Value, Choice, and Welfare , pp. 11 - 12Publisher: Cambridge University PressPrint publication year: 2011