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Models begin with many simplifications (e.g., assumptions), but then we evaluate the model by comparing the implications of the model with what we observe in the real world. After studying this chapter you will be able to understand: Why show this? Because some who read about consumer theory may be concerned about the unrealistic nature of the models and thus may get too involved in how unrealistic the model is. The focus should be on understanding consumer choice theory and then examining what happens if more realism is introduced. | Chapter 2 Demand and Supply Analysis: Consumer Demand Presenter’s name Presenter’s title dd Month yyyy 1. Introduction Copyright © 2014 CFA Institute 2 The development process of an economic model Models begin with many simplifications (e.g., assumptions), but then we evaluate the model by comparing the implications of the model with what we observe in the real world. Notes to presenter: Why show this? Because some who read about consumer theory may be concerned about the unrealistic nature of the models and thus may get too involved in how unrealistic the model is. The focus should be on understanding consumer choice theory and then examining what happens if more realism is introduced. 2 2. Consumer Theory: From Preferences to Demand Functions Consumer choice theory is the part of economics in which we focus on consumer demand and consumer preferences. It addresses consumers’ tastes and preferences. It examines the trade-offs that consumers make between or among goods. It delves into | Chapter 2 Demand and Supply Analysis: Consumer Demand Presenter’s name Presenter’s title dd Month yyyy 1. Introduction Copyright © 2014 CFA Institute 2 The development process of an economic model Models begin with many simplifications (e.g., assumptions), but then we evaluate the model by comparing the implications of the model with what we observe in the real world. Notes to presenter: Why show this? Because some who read about consumer theory may be concerned about the unrealistic nature of the models and thus may get too involved in how unrealistic the model is. The focus should be on understanding consumer choice theory and then examining what happens if more realism is introduced. 2 2. Consumer Theory: From Preferences to Demand Functions Consumer choice theory is the part of economics in which we focus on consumer demand and consumer preferences. It addresses consumers’ tastes and preferences. It examines the trade-offs that consumers make between or among goods. It delves into the choices consumers make, given a set of prices, when consumers have limited income. The limit on income is the budget constraint. Models of consumer choice: Do not seek to explain why consumers have the tastes and preferences that they have, but rather why they make the choices they do given their tastes and preferences. Focus on the aggregate behavior of consumers, not that of an individual consumer. Copyright © 2014 CFA Institute 3 LOS: Describe consumer choice theory and utility theory. Pages 60–62 Consumer choice theory is the part of economics in which we focus on consumer demand and consumer preferences. It addresses consumers’ tastes and preferences, considers the trade-offs that consumers make between or among goods, and examines the choices consumers make, given a set of prices, when they have a budget constraint. Notes to presenter: The chapter is primarily written to focus on a single consumer, but readers should keep in mind that it is the aggregate behavior of .
