Answer to Question #236870 in Microeconomics for Zain

Question

Suppose that we have elicited the indifference relation ∼ and the strict preference relation > from a decision-maker. Define the weak preference relation >

given relations ∼ and >. That is, reconstruct the decision-maker’s weak preference statements from the decision-makers indifference and strict preference

statements

Answer 1

Weak preferences relation is about an agent preferring one item over another one with a weak perspective. For a Weak Preference relation x ≽ y implies that an agent has weakly preferred x over y. The agent prefers strictly one item over the other.