To build a consistent model of consumer choice, we need to begin with the [...]
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axioms of the theory of consumer choice
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Open it To build a consistent model of consumer choice, we need to begin with the axioms of the theory of consumer choice
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES t the foundation of consumer behavior theory is the assumption that the consumer knows his or her own tastes and preferences and tends to take rational actions that result in a more preferred consumption “bundle” over a less preferred bundle. <span>To build a consistent model of consumer choice, we need to begin with a few assumptions about preferences.
3.1. Axioms of the Theory of Consumer Choice
First, let us be clear about the consumption opportunities over which the consumer is assumed to have prefe
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