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Unformatted text preview: . The preFerence represented by x 1 + x 2 satisfes strong mono-tonicity . The preFerence relation | x x | satisfes nonsatiation , a related property that is sometimes used in the literature: For every x X and For any > 0 there is some y X that is less than away From x so that y x . Every monotonic preFerence re-lation satisfes nonsatiation, but the reverse is, oF course, not true. Continuity We will use the topological structure oF < K + (induced From the stan-dard distance Function d ( x , y ) = p ( x k y k ) 2 ) to apply the defni-tion oF continuity discussed in Lecture 2. We say that the preFerences...
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This note was uploaded on 12/29/2011 for the course ECO 443 taught by Professor Aswa during the Fall '10 term at SUNY Stony Brook.
- Fall '10