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In psychology, economics and philosophy, preference is a technical term usually used in relation to choosing between alternatives.For example, someone prefers A over B if they would rather choose A than B. Preferences are central to decision theory because of this relation to behavior.
A group has single-peaked preferences over a set of outcomes if the outcomes can be ordered along a line such that: Each agent has a "best outcome" in the set, and; For each agent, outcomes that are further from his or her best outcome are preferred less. Single-peaked preferences are typical of one-dimensional domains.
The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...
Economists Gary Charness and Matthew Rabin found that in some cases, agents prefer more efficient outcomes (i.e. outcome with larger social welfare) than more equal outcomes [40] and they developed a model where agents' utility is a convex combination of own's material payoff and the social welfare. Moreover, they assumed agents have quasi ...
A simple example of a preference order over three goods, in which orange is preferred to a banana, but an apple is preferred to an orange. In economics, and in other social sciences, preference refers to an order by which an agent, while in search of an "optimal choice", ranks alternatives based on their respective utility.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Coalitions contribute to the conflict because they draw more members of the group into the affray. Individuals in coalitions work not only to ensure their own outcomes but also to worsen outcomes of non-coalition members. Those who are excluded from the coalition react with hostility and try to regain power by forming their own coalition.
Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.