A transitive relation is a relationship between elements where if element A is related to element B and element B is related to element C, then element A is also related to element C.
Analysis of duality in economic optimization problems, particularly in consumer theory.
A comprehensive look at the concept of the budget line in economics, its implications, and its role in consumer theory.
An economic model illustrating the combinations of goods and services that a consumer can purchase given their budget constraint.
The amount of additional income required to reach the utility level achievable if the economic environment changes.
An economic metric used to gauge the welfare change regarding a price change or policy intervention by comparing the amount of income needed to achieve original utility under new circumstances.
The minimum cost for a consumer of achieving a given utility level.
A graphical representation of the set of commodity bundles that are ranked as equally good by a consumer.
The maximum utility level a consumer can achieve expressed as a function of prices and income.
The principle that states the level of demand for a good or service is inversely related to its price.
A comprehensive exploration of the 'price effect' in consumer theory understanding consumption variations due to changes in commodity prices.
An exploration of the search model in economics, focusing on the optimal decision-making of agents facing choices with random pay-offs and costly delays.
A dictionary entry describing the concept and implications of a separable utility function in economics.
An in-depth examination of the Strong Axiom of Revealed Preference (SARP) within economic theory
A principle in consumer theory ensuring that a consumer's choices are consistent with a utility-maximizing behavior
