Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Which axiom of choice do Lexicographic preferences fail to satisfy?
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Step 1
Lexicographic orderings or preferences in economics refer to comparative preferences where an agent prefers any quantity of one good (X) above any quantity of another (Y). In particular, the agent will select the bundle of commodities that offers the greatest X, regardless of how much Y there is if given a choice between numerous bundles of goods.
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