Can anyone help me with this question with explanations from my behavioral econo
ID: 1166873 • Letter: C
Question
Can anyone help me with this question with explanations from my behavioral economics class?
1. Determine the largest universe of people in which the following relations are complete and transitive. (a) Example: Has a car that is at least as fast as that owned by. Answer: All car owners Note: This would not be complete if somcone in the universe didn't have a car. (b) At least as tall as. ( c) Makes more money than (and not equal to ). (d) Lives within one mile of (assume that each individual can only live in one place),Explanation / Answer
b) At least as tall as: all other people living in the same universe
c) Makes more money than: all other people in the universe earning money. (However if someone in the universe earns equal amount of money, then this preference will not be complete. This is because if two people (A and B) earn the same amount of money it is neither true that A earns strictly more than B, nor true that B earns strictly more than A. In this situation, the relation ‘earns strictly more’ is not complete because two people earning the same amount of money cannot be compared. ) It can therefore be safe to say that the person Makes more money than: the richest man in the same universe.
d) Lives within one mile of: the only other person living in the universe. This is because, if there are three people A,B,C living in the universe, and A lives within one mile from B and C, then it does not necessarily mean that B also lives within one mile from C. If A lives 0.8 miles to the right of B and 0.4 miles to the left of C then even though A lives within one mile from both, B and C do not live within one mile from each other. Thus, the preference is not transitive as soon as more than two people are added in the universe in question.
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