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1、一、消费者选择理论回顾（First,consumerchoicetheoryreview）First,consumerchoicetheoryreview1.1basicstructure1.2consumerpreferencesConsumptionbundleBundlesofconsumption(set)Atotaloftwocommodities,X,Y,areassumedtobepositivecommodities(goods,not,bads)Axiom(axioms)orhypothesis(1)
2、nonsatisfaction(non-satiation)Themoretheamountofgoodsyouget,thebetter.So,inanyonecommoditygroup,theentireX-Yspaceisdividedintofiveparts:themutualexclusionpointofa(better-thanset)intheset,toset(worse-thanset),andtheothertwosets.Ifthereisanodifferenceset,thenitmus
3、tbelocatedinthetwosets(I,IV)andincludeapoints.Notethatbetterthansetanddifferencesetcontainallboundaries,butnotapoints.(2)completenessCanbecomparedtoanytwocommoditygroups(22comparisons)AB,AB,ora~bIfXandYareinfinitelydivisible,andconsumerscancompareanytwocommodity
4、groups,thereisacontinuoussetofindifferencesets(indifferenceset),andthesetmustbeadownwardslopingline.asAtthepointabove,atanypointoftheindifferencecurve,theslopeisnegative.Theslopeabsolutevalueisthemarginalrateofsubstitution(marginalrateofsubstitution).Accordingto
5、completeness,theX-Yspacecanbedividedintothreemutuallyexclusivesets,namely,nodifferenceset,betterset(locatedattheupperrightofthenondifferentialset)anddifferenceset(locatedintheleftloweroftheindifferenceset).(3)convexity(convexity).Convexityisstrictlydivided(stron
6、g)andlax(weak).Strictconvexity:diminishingmarginalrateofsubstitution;Nonstrictconvexity:marginalsubstitutionratedoesnotincrease;(4)differentiabilityorsmoothness(differentiabilityorsmoothness)(==marginalrateofsubstitution)(5)transitivity(transitivity)Ifa~bandb~c,
7、thenc~aTransitivitydoesnotallowanyintersectionoftwodifferentindifferencecurves1.3indifferencecurvesImportantproperties:NoncrossingNotnecessarilyparallelEverycurveabovetherightmeanshigherutility-otherthingsCompletesubstitutePerfectcomplement1.4utilityfunctionU(X,
8、Y):Anumericalrepresentationofaperson'spreferenceOrdinalutilityfunctionandcardinalutilityfunctionMathematicalderivationandrepresentationofsubstitutionrateofEditors=+=0
