Weak Axiom of Revealed Preference (Varian Chapter 7, Figure 7.4)
After this lesson you will be able to…
- Understand consistency in choices using a social dating analogy.
- Learn the logical and economic definitions of the Weak Axiom.
- Identify how intersecting budget lines demonstrate inconsistent choices.
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(0)Using an analogy of dating to explain weak axiom of revealed preference. If you prefer Alex to Bob, and I see you hanging out with Bob, that means Ale...
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Quiz: Weak Axiom of Revealed Preference
FundamentalsAnswer the following questions based on the video lesson about the Weak Axiom of Revealed Preference (WARP). All answers can be found in the video — no outside knowledge is required.
Practice: Weak Axiom of Revealed Preference
PracticeTest your understanding of the Weak Axiom of Revealed Preference (WARP) by working through the scenarios and questions below. Read each problem carefully and justify your reasoning.