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Revealed Preference

In: Microeconomic Theory for the Social Sciences

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  • Takashi Hayashi

    (University of Glasgow)

Abstract

Until the previous chapter we have assumed a priori that each individual has his preference and chooses best alternatives according to it. It is of course a natural response to wonder, however, if that’s true. You cannot open your brain physically, however, in order to show your preference or maximization process directly as biological objects or substances or visible structures or processes. So here we take the standpoint to consider if observed choices can be explained consistently as maximization some preference, rather than thinking if we can find preferences as physical substances or processes.

Suggested Citation

  • Takashi Hayashi, 2021. "Revealed Preference," Springer Books, in: Microeconomic Theory for the Social Sciences, chapter 0, pages 145-149, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-3541-0_10
    DOI: 10.1007/978-981-16-3541-0_10
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