Coursenotes_ECON301

R reflexivity m means that i am indiffe t erent betw

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Unformatted text preview: referen relation when coupled with th at least a good as s rict nce n he as relati ion. This means that if I strictly p m prefer Conv verse All-Sta to Nike shoes and ars Nike shoes are at least as good as Ad didas shoes, then I must strictly p prefer Conv verse All-St tars to Adid shoes. Again, most of this is sensible in this das n conte ext. Yet, there are a couple of c contexts in which thes statemen are not so clear se nts ider a situation where you are choosing a pa colour for a room aint cut. Let's consi in yo house. Suppose you are give the choic between two shade of purple our en ce n es e that a imperce are eptibly clos For exa se. ample, 6 Cantaloupe is not "at least as good as" any ything. It is wh evil must taste like! hat 334 This shade compared to this shade. s suppose that you are indifferent b between these two shades. Nex suppose xt, and s you a given th choice b are he between the slightly lig e ghter shade (on the right) and an ever so slightly lighter shad still. For example, de r This shade compared to this shade. s and y expres your indif you ss fference be etween thes two shad se des. Repea ated comp parisons ar made comparing the lighter (rig hand side) shade t a slightly re e ght to y lighte shade an indifference is expr er nd ressed throu ughout. Un we arriv at the las ntil ve st comp parison... s This shade compared to this shade. and y expres your indif you ss fference be etween thes two shad se des. So we would e have the relatio e onships as f follows: ~ ~ ~...~ ~ Now, suppose you were given the choice between the first shade and the last y d at er ple purple. The en... one. Further, suppose tha you prefe dark purp to light p This shade compared to this shade. s violating the e and we would be v would result in sitivity prope erty. This r result stems from the f s fact that the pair wise e trans comp parisons wh here we rep ported our i indifference compared shades th were e d hat indistinguishable (barely different) wh hereas the f final compa arison is distin n...
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