The focus will now be on general shapes of indifference curves. To start with we make some general assumptions about preferences and then explore the implications of these assumptions for the shapes of the associated indifference curves. These assumptions are the defining features for well-behaved (normal) indifference curves. 1. Monotonicity of Preferences: First we talk […]
Features of Well-Behaved Indifference Curves | Microeconomics
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Indifference Curves: Risk Aversion and Properties | Microeconomics
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Here is an elaborated discussion on ‘Indifference Curves’, highlighting:- 1. Introduction to Indifference Curves 2. Risk Aversion and Indifference Curves 3. Testing the Properties of Indifference Curves. Introduction to Indifference Curves: The modern theory of consumer choice is formulated in terms of preferences that satisfy the first three axioms — completeness, reflexive-ness and transitivity. A […]
Properties of Indifference Curves | Microeconomics
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We may now examine the implications of the axioms in the context of the properties of indifference curves. In this context we also refer to a few additional axioms. We start with the implications of the axiom of non-satiation. Recall that a consumption bundle X is preferred to Y if it contains more of at […]
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