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EC311 · Intermediate Microeconomics

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EC311 / TOPIC 12

4.4 Revealed preference

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How can we test choice consistency without knowing a utility function?

Top-down scene with a clock, a government coin, a wallet, groceries, and a gift connected by dashed arrows
VISUAL NOTE · Applied microeconomics Choices reveal what is valued

Instead of asking about preferences, observe choices when alternatives were affordable.