Strong Axiom of Revealed Preference Theory (Varian)
Автор: Economique
Загружено: 2021-05-12
Просмотров: 7049
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The Weak Axiom of Revealed Preference requires that if X is directly revealed preferred to Y, then we should never observe Y being directly revealed preferred to X. I will now explain how it is different from the strong axiom of revealed preference. The Strong Axiom of Revealed Preference (SARP) requires that the same sort of condition hold for indirect revealed preference.
We can define strong axiom as that, if (x1,x2) is revealed preferred to (y1,y2) (either directly or indirectly) and (y1,y2) is different from (x1, x2), then (y1, y2) cannot be directly or indirectly revealed preferred to (x1, x2). In the weak axiom, the focus was only for direct revealed preference between two bundles of goods.
SARP is both a necessary and a sufficient condition for observed choices to be compatible with the economic model of consumer choice.
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