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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Assumption of transitive preferences is a somewhat stronger assumption than complete preferences because it is essentially an assumption of rationality.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
and simultaneously B is preferred to C, then it must be true that A is preferred to C. This assumption is referred to as the assumption of transitive preferences , and it is assumed to hold for indifference as well as for strict preference. <span>This is a somewhat stronger assumption because it is essentially an assumption of rationality. We would say that if a consumer prefers a skiing holiday to a diving holiday and a diving holiday to a backpacking holiday and at the same time prefers a backpacking holiday to a skiing


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