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Unformatted text preview: Kelvin Lancaster- Attributes of Goods-- break down the pleasure/utility you derive from the attributes of a good, not just the the pleasure you derive from the good itself Pareto- utility maximization Ordinal Utility- Assumptions 1. Preferences 2. Consistency 3. Complete * weaker assertions than Jevons- ability to rank, transitivity (example: A > B > C)- provides foundation for Hicks and modern demand theory Kahneman & Tversky - established that people don't know what will make them happy-- you don't know what you will like; you must experience it-- but they know when they are happy...
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- Spring '09