revealed preference
/rɪˌviːld ˈprefərəns/
inferring preferences from observed choices
revealed preference in a sentence
“Revealed preference shows she values time over money.”
Origin of revealed preference
From reveal (Latin revelare) + preference
Related Words
time preference
the relative valuation of present versus future consumption
expected utility
the weighted average of utilities across possible outcomes
risk aversion
preference for certainty over gambles with equal expected value
risk neutral
indifference between certain outcomes and gambles of equal expected value
sunk cost
a past cost that cannot be recovered
opportunity cost
the value of the best alternative forgone