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Lecture2PoliSci274Jan26

Lecture2PoliSci274Jan26 - PoliSci 274 Lecture 2 1 Board...

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PoliSci 274 Professor Scott Gehlbach Lecture 2 1/26/09 1) Board notes Pre-Lecture a) Individual Rationality i) Choice under certainty ii) Choice under uncertainty 1) Individual Rationality a) Preference relations P-Strict Preference > I-Indifference = R- weak preference Use subscript to denote which individual Example if it were Andrew’s preferences z P A Y b) Preference Orders (assumptions) i) Comparability/Completeness (1) x P y, y P x, or x I y ii) Transitivity (1) If x P y and y P z it applies that then x P z c) Rationality i) Individuals can order preferences ii) Choose among most preferred alternatives d) We are assuming this model holds….that people are rational e) Utility numbers/payoffs i) These numbers represent the preferences (1) 1 st preference should have most utility (a) Example (i) Asad withdrawing from Iraq 1. U A (Gradual) = 4 2. U A (Stay) = 2 3. U A (Quick) = 1000

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Lecture2PoliSci274Jan26 - PoliSci 274 Lecture 2 1 Board...

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