Which notation is used to describe an agent’s preferences?
What are the axioms of Utility Theory?
Orderability
Transitivity
Continuity
Substitutability
Monotonicity
Decomposability
What is the Axiom of Orderability?
What is the Axiom of Transitivity?
What is the Axiom of Continuity?
What is the Axiom of Substitutability?
What is the Axiom of Monotonicity?
What is the Axiom of Decomposability?
what is an example of irrational behavior?
Consider, e.g., an agent with intransitive preferences
A ≻ B ≻ C ≻ A can be induced to give away all his money:
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