what are weak axioms of ordering of preferences
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Weak Axiom of Revealed Preference (WARP): This axiom states that given incomes and prices, if one product or service is purchased instead of another, then, as consumers, we will always make the same choice. ... As consumers, we will buy what we prefer and our choices will be consistent, so suggests the weak axiom.
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Weak Axiom of Revealed Preference (WARP): This axiom states that given incomes and prices, if one product or service is purchased instead of another, then, as consumers, we will always make the same choice.As consumers, we will buy what we prefer and our choices will be consistent, so suggests the weak axiom.
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