individual preference function
1Preference — (also called taste or penchant ) is a concept, used in the social sciences, particularly economics. It assumes a real or imagined choice between alternatives and the possibility of rank ordering of these alternatives, based on happiness,… …
2Social welfare function — In economics a social welfare function can be defined as a real valued function that ranks conceivable social states (alternative complete descriptions of the society) from lowest on up as to welfare of the society. Inputs of the function include …
3Time preference — In economics, time preference (or discounting ) pertains to how large a premium a consumer will place on enjoyment nearer in time over more remote enjoyment.There is no absolute distinction that separates high and low time preference, only… …
4Social Choice and Individual Values — Kenneth Arrow s monograph Social Choice and Individual Values (1951, 2nd ed., 1963) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor. Somewhat formally, the …
5Likelihood function — In statistics, a likelihood function (often simply the likelihood) is a function of the parameters of a statistical model, defined as follows: the likelihood of a set of parameter values given some observed outcomes is equal to the probability of …
6Revealed preference — theory, pioneered by American economist Paul Samuelson, is a method by which it is possible to discern the best possible option on the basis of consumer behavior. Essentially, this means that the preferences of consumers can be revealed by their… …
7consumer preference — The way in which consumers in a free market choose to divide their total expenditure in purchasing goods and services. Using a limited number of assumptions, an individual s preferences can be built up into a utility function (see consumer… …
8Arrow's impossibility theorem — In social choice theory, Arrow’s impossibility theorem, the General Possibility Theorem, or Arrow’s paradox, states that, when voters have three or more distinct alternatives (options), no voting system can convert the ranked preferences of… …
9eye, human — ▪ anatomy Introduction specialized sense organ capable of receiving visual images, which are then carried to the brain. Anatomy of the visual apparatus Structures auxiliary to the eye The orbit The eye is protected from mechanical injury… …
10IS/LM model — The IS curve moves to the right, causing higher interest rates (i) and expansion in the real economy (real GDP, or Y). The IS/LM model (Investment Saving/Liquidity preference Money supply) is a macroeconomic tool that demonstrates the… …
