Criticism on indifference curve analysis
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Indifference curve analysis is criticized on the ground that it cannot explain consumer behaviour when he has to choose among alternatives involving risk or uncertainty of expectation. To make a choice among uncertain alternatives quantitative measurement of utility is needed to decide whether the risk is worth taking.
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Indifference curve analysis is criticized on the ground that it cannot explain consumer behaviour when he has to choose among alternatives involving risk or uncertainty of expectation. To make a choice among uncertain alternatives quantitative measurement of utility is needed to decide whether the risk is worth taking.
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