Why weak axiom is called weak and strong is called strong, perhaps relatively x is preferred to y directly in one case that is weak axiom and x is preferred directly and indirectly over y in case of strong axiom. Means weak axiom does not undertake the case of indirect revealation. But how these cases are differ from weak and strong ordering?
I was wondering about the same thing bro. But I got the answer now. Axioms are different from ordering. Strong ordering refers to the fact that the consumer has a "definite preference" for one combination over other alternative combinations. So, there is no chance of indifference among the choices in strong ordering. However, in case of weak ordering (used by hicks) a consumer has a definite prefrence for combinations on the budget line over the combinations within the triangle formed by the budget line (use imagination her 😅). But a consumer may either prefer or is indifferent among the combinations on the budget line. So there is a chance of indifference unlike strong ordering. Now, talking about weak and strong axioms, they are well in explained by mam.
![65. REVEALED PREFERENCE THEORY | STRONG & WEAK AXIOM OF REVEALED PREFERENCE [ SARP & WARP THEORY ]](/img/1.gif)
Lucid and comprehendible.. Thanks ma'am 🙏
Thank u mam for ur explanation
Really helpful video 🙏🙏🙏
Why weak axiom is called weak and strong is called strong, perhaps relatively x is preferred to y directly in one case that is weak axiom and x is preferred directly and indirectly over y in case of strong axiom. Means weak axiom does not undertake the case of indirect revealation. But how these cases are differ from weak and strong ordering?
I was wondering about the same thing bro.
But I got the answer now.
Axioms are different from ordering. Strong ordering refers to the fact that the consumer has a "definite preference" for one combination over other alternative combinations. So, there is no chance of indifference among the choices in strong ordering.
However, in case of weak ordering (used by hicks) a consumer has a definite prefrence for combinations on the budget line over the combinations within the triangle formed by the budget line (use imagination her 😅).
But a consumer may either prefer or is indifferent among the combinations on the budget line. So there is a chance of indifference unlike strong ordering.
Now, talking about weak and strong axioms, they are well in explained by mam.
A valuable lecture i found thankyou.
Thank you. Please share with this course playlsit with your your friends
Where can we find pdf or ppt if anyone knows plz hlep
Very useful thank you🙏
Crisp and clear explanation 👏
Thank you
very well explained, thank you.
Thank you
Lucid and cracking
That's good
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