“Identical Preference Theory doesn’t work because it ignores an important concept of selfsufficiency.” Do you agree? Why or why not? (Please provide a good answer with more points)
Answers
Answer:
1. "Identical Preference Theory doesn't work because it ignores an. important concept of selfsufficiency." Do you agree? ... As the preference theory has been established, three primary explanations have been identified: weak, powerful, and universal axioms of revealed preference
Explanation:
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Answer:
The theory fails in the consumer analysis
Explanation:
It is intimately correlated with one's goals and accomplishments at work and the management level. Work satisfaction increases when results match expectations, and vice versa. Because it disregards a crucial aspect of self-sufficiency, the Identical Preference Theory is ineffective.
According to preference theory, the majority of our choices are influenced by our routines and previous behavioural information. Additionally, it asserts that the affective responses evoked by the potential choices are what ultimately governs decision-making.
The revealed preference hypothesis is unable to account for consumer behaviour when making decisions that involve risk or uncertainty.
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