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Unformatted text preview: x y iF there is ( p , w ) so that both x and y are in B ( p , w ) and x = x ( p , w ) . In the context oF the consumer model the Weak Axiom is read: iF px ( p , w ) w and x ( p , w ) 6= x ( p , w ) , then p x ( p , w ) > w . WA guarantees that it is impossible that both x y and y x . However, the defned binary relation is not necessarily complete: there can be two bundles x and y such that For any B ( p , w ) containing both bundles, x ( p , w ) is neither x nor y . urthermore, in the general discussion, we guaranteed transitivity by looking at the union oF a set in which a was revealed to be better than b and a set in which b was revealed to be as good as c . However, when the sets are budget sets, their union is not necessarily a budget set. (See fg. 5.2.)...
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- Fall '10