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Unformatted text preview: aPb bPa or alb) c. Transitivity The guarantee that a person will be able to order things from most preferred to least preferred. d. Non perversity We assume that the preferred choice is chosen e. Choice Set Group of alternatives undominated by any other alternatives; constructed by binary ranking; all of equal rank (if more than one) 6. Utility is the overall measure of happiness or usefulness to a user. It is important because it allows us to evaluate outcomes that include non-monetary rewards and to deal with paradoxical behavior. 7. Two or more outcomes of an alternative is called uncertainty. 8....
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This note was uploaded on 04/21/2008 for the course PLS 200 taught by Professor Idk during the Fall '08 term at Michigan State University.
- Fall '08