Homothetic preferences
id:
homothetic-preferences-265-6770772
title:
Homothetic preferences
text:
In consumer theory, a consumer's preferences are called homothetic if they can be represented by a utility function which is homogeneous of degree 1. For example, in an economy with two goods x , y , homothetic preferences can be represented by a utility function u that has the following property: for every a > 0 : In mathematics, a homothetic function is a monotonic transformation of a function which is homogeneous; however, since ordinal utility functions are only defined up to an increasing m
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wiki
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encyclopedia
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original url:
https://en.wikipedia.org/wiki/Homothetic_preferences
date created:
date modified:
2023-08-12T16:43:07Z
main entity:
{"identifier":"Q5891796","url":"https://www.wikidata.org/entity/Q5891796"}
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13
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