Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 18, Problem 5Q
To determine
Meaning of the term: Preference for fairness.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
why is the idea that value depends on consumers preferences radical?
What assumptions are necessary for supposing that individual preferences can be inferred and valued from the choices that individuals make?give a reason
If the price of restaurant meals is overall higher in big cities then you might expect young people in those cities to spend more on those meals as a percent of their income than similar people in the suburbs. The answer must then lie with the preferences of those young people with their utility curves. Do you think that people reveal their preferences in part by where they choose to live?
Chapter 18 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
Knowledge Booster
Similar questions
- The law of diminishing marginal utility is consistent with the fact that people trade. Do you agree or disagree? Explain your answer.arrow_forwardExamples of form utility?arrow_forwardAccording to Kahneman and Tversky, what is the major problem they find with the basic tenets of utility theory?arrow_forward
- What is the difference between a positive and anormative statement? Give an example of each.arrow_forwardHow is the ordinal utility concept different from the cardinal utility concept?arrow_forwardWhat can observing people’s actual choices tell us about their preferences? Whatis this approach called?arrow_forward
- “If we take $1 away from a rich person and give it to a poor person, the rich person loses less utility than the poor per-son gains.” Comment.arrow_forwardSo is this an example of: hometheic preferences, quasilinear preferences, or revealed preferences?arrow_forwardExplain the cardinal and ordinal utility approach ?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning