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Utility Functions

Utility Functions. A preference relation that is complete , reflexive , transitive and continuous can be represented by a continuous utility function . Continuity means that small changes to a consumption bundle cause only small changes to the preference level. f. ~. Utility Functions.

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Chapter Four

Chapter Four. Utility. Utility Functions. A preference relation that is complete, reflexive, transitive and continuous can be represented by a continuous utility function . Continuity means that small changes to a consumption bundle cause only small changes to the preference level. f. ~.

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Utility function representing - PowerPoint PPT Presentation

Utility Functions

Chapter Four