Consider the following binary relation: Vx, y E R?, x Ey if x1 > Yı (indepen- dent of x2 and y2) or if xı = y1 and x2 > Y2. These preferences are called lexicographic. a) Show that this preference relation is complcte and transitive, but not continuous. b) Why is this preference relation not very interesting from an cconomic point of view?

Elements Of Modern Algebra
8th Edition
ISBN:9781285463230
Author:Gilbert, Linda, Jimmie
Publisher:Gilbert, Linda, Jimmie
Chapter1: Fundamentals
Section1.7: Relations
Problem 13E: 13. Consider the set of all nonempty subsets of . Determine whether the given relation on is...
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Consider the following binary relation: Vx, y E R, x Z y if x1 > Y1 (indepen-
dent of x2 and y2) or if x1
Yı and a2 > y2. These preferences are called
lexicographic.
a) Show that this preference relation is complcte and transitive, but not
continuous.
b) Why is this preference relation not very interesting from an cconomic point
of view?
Transcribed Image Text:Consider the following binary relation: Vx, y E R, x Z y if x1 > Y1 (indepen- dent of x2 and y2) or if x1 Yı and a2 > y2. These preferences are called lexicographic. a) Show that this preference relation is complcte and transitive, but not continuous. b) Why is this preference relation not very interesting from an cconomic point of view?
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