indifference map

Indifference mapclick for a larger image
Fig. 92 Indifference map. In principle, indifference curves 1, 2, 3, etc., can take the full form indicated in the map, though in practice only the solid-line segment of each curve is relevant, because once the curves become vertical, and the consumer is fully sated with product Y, he will not be prepared to give up extra units of product X to get extra Y; and once the curves become horizontal, and the consumer is fully sated with product X, he will not be prepared to give up extra units of product Y to get extra X. The ridge lines R1 and R2 mark the boundaries of the effective segments of the indifference curves.

indifference map

a collection of ranked INDIFFERENCE CURVES that exhibit graphically an individual's increasing UTILITY, or satisfaction, when moving outwards from the origin, consuming larger quantities of two products. See Fig. 92 . Indifference curves are an ORDINAL measure and the numbers on the indifference curves in Fig. 92 do not indicate an absolute level of utility. Indifference curves never cross because two crossing curves would imply inconsistent or irrational choices between the two products by the consumer (see ECONOMIC MAN).
References in periodicals archive ?
Hicks explained that, in this way, we can totally separate the consumer's indifference map from any quantitative concept of utility, thereby eliminating any backdoor to cardinal utility.
Remember deriving that demand curve with the indifference map held constant and rotating the budget constraint?
He put the origin of a "yellow individual's" indifference map in the NE corner of the board and a "white individual's" origin in the SW.
A significant obstacle in microeconomics for many students is the connection between a utility function and the indifference map it generates.
Consider in Figure 2 the two half-planes defined by the line [Mathematical Expression Omitted], following the major axis of the indifference map of voter [Mathematical Expression Omitted] and passing through ([Mathematical Expression Omitted], 0).
As is well known, each point along the demand function corresponds to a single point along the indifference map where utility is maximized.
Edgeworth, Marshall's colleague and the inventor of the indifference map and the contract curve.
It should be noted that the relationships shown in (7) and (8) hold anywhere on the indifference map.
The Public's Indifference Map between Inflation and Unemployment: Empirical Evidence from the Nixon, Ford, Carter and Reagan Presidencies.
Rothbard clearly thinks that it does; in remarking on the use of indifference maps in contemporary mathematical economics, he says, "The crucial fallacy is that "indifference" cannot be a basis for action" (rothbard 2004, p.
Because there is a plurality of egalitarian values which cannot be maximized simultaneously but which can be traded off in a rational fashion using multidimensional indifference maps and possibility frontiers.
i~ alter the consumers' indifference maps, thus capturing the effect of otherwise unobservable quality changes.