Ch05Choice(微观-范里安-(上海交通大学,赵旭 )

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Chapter FiveChoice

Economic Rationality The

principal behavioral postulate is that a decisionmaker chooses its most preferred alternative from those available to it. The available choices constitute the choice set. How is the most preferred bundle in the choice set located?

Rational Constrained Choicex2

Rational Constrained Choice

Utility

Rational Constrained Choice

Utility

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

Affordable, but not the most preferred affordable bundle. x2 x1

Rational Constrained Choice

Utility

The most preferred of the affordable bundles. Affordable, but not the most preferred affordable bundle.

x2 x1

Rational Constrained Choice

Utility

x2 x1

Rational Constrained Choice

Utility

Rational Constrained Choice

x2 Utility

Rational Constrained Choice

Utility

Rational Constrained Choicex2

Affordable bundlesx1

Rational Constrained Choicex2

Affordable bundlesx1

Rational Constrained Choicex2

More preferred bundles

Affordable bundlesx1

Rational Constrained Choicex2 More preferred bundles

Affordable bundles

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