Business, 11.03.2020 05:45 blondielocks2002

In the examples considered in class, the consumer chooses among a continuum of options and is constrained by prices and income. However, the Weak Axiom of Revealed Preference can be defined for more general choice structures, as follows. Let X be the set of alternatives. Choice behavior is represented by a choice structure (B, C(.)): 1. B is a family of nonempty subsets of X, that is, ∀B ∈ B, B ⊂ X (B represents all the situations in which the individual can be asked to make a choice).

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