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1、CHAPTER3OUTLINE3.1ConsumerPreferences3.2BudgetConstraints3.3ConsumerChoice3.4RevealedPreference3.5MarginalUtilityandConsumerChoice3.6Cost-of-LivingIndexesConsumerBehavior●theoryofconsumerbehaviorDescriptionofhowconsumersallocateincomesamongdifferentgoodsandservicestomaximizetheirwell-be
2、ing.Consumerbehaviorisbestunderstoodinthreedistinctsteps:ConsumerpreferencesBudgetconstraintsConsumerchoicesCONSUMERPREFERENCES3.1MarketBaskets●marketbasket(orbundle)Listwithspecificquantitiesofoneormoregoods.TABLE3.1AlternativeMarketBasketsA2030B1050D4020E3040G1020H1040MarketBasketUnit
3、sofFoodUnitsofClothingToexplainthetheoryofconsumerbehavior,wewillaskwhetherconsumerspreferonemarketbaskettoanother.CONSUMERPREFERENCES3.1SomeBasicAssumptionsaboutPreferencesCompleteness:Preferencesareassumedtobecomplete.Inotherwords,consumerscancompareandrankallpossiblebaskets.Thus,fora
4、nytwomarketbasketsAandB,aconsumerwillpreferAtoB,willpreferBtoA,orwillbeindifferentbetweenthetwo.Byindifferentwemeanthatapersonwillbeequallysatisfiedwitheitherbasket. Notethatthesepreferencesignorecosts.Aconsumermightprefersteaktohamburgerbutbuyhamburgerbecauseitischeaper.CONSUMERPREFER
5、ENCES3.1SomeBasicAssumptionsaboutPreferencesTransitivity:Preferencesaretransitive.TransitivitymeansthatifaconsumerprefersbasketAtobasketBandbasketBtobasketC,thentheconsumeralsoprefersAtoC.Transitivityisnormallyregardedasnecessaryforconsumerconsistency.Moreisbetterthanless:Goodsareassume
6、dtobedesirable—i.e.,tobegood.Consequently,consumersalwaysprefermoreofanygoodtoless.Inaddition,consumersareneversatisfiedorsatiated;moreisalwaysbetter,evenifjustalittlebetter.Thisassumptionismadeforpedagogicreasons;namely,itsimplifiesthegraphicalanalysis.Ofcourse,somegoods,suchasairpollu
7、tion,maybeundesirable,andconsumerswillalwayspreferless.Weignorethese“bads”inthecontextofourimmediatediscussion.DescribingIndividualPreferencesBecausemoreofeachgoodispreferredtoless,wecancomparemarketbasketsintheshadedareas.BasketAisclearlypreferredtobasketG,whileEisclearlyprefe
