Revealed preference provides an alternative viewpoint to consumer preferences as compared to cardinal or ordinal utility analysis. Ordinal utility analysis vs Revealed Preference The ordinal utility analysis explains consumer choice based on indifference curves and budget constraints. That is, consumers’ choice of any combination of goods is determined by their preference (from indifference curves) and...
- Post author:virenrehal
- Post published:March 3, 2022
- Post category:Consumer Behaviour / Microeconomics