Abstract
As before, let X be the set of all the potentially available choice alternatives, which is the consumption set in the context of choosing consumptions. Let \(\succsim \) denote preference relation defined over X. Now suppose that an opportunity set B is available as a subset of X. Then the “best” choice in B for a given individual is defined as a maximal element in it according to his preference.
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Notes
- 1.
This may fall in a “generalized” version of the tangency condition when we “generalized” the notion of derivative, though.
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Hayashi, T. (2021). Choice and Demand. In: Microeconomic Theory for the Social Sciences. Springer, Singapore. https://doi.org/10.1007/978-981-16-3541-0_5
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DOI: https://doi.org/10.1007/978-981-16-3541-0_5
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