Consumer preferences are complete in standard economic theory
the verdict
SUPPORTED
the evidence backs this
confidence 75/100
Standard economic theory indeed assumes that consumer preferences are complete, meaning that consumers can always compare and rank any given bundles of goods. Retrieved literature confirms this assumption is a foundational axiom of standard microeconomic and expected utility theory.
Evidence for · 4
The theory choice and of consumer demand
2020 · cited by 0
Paper 1 notes that the standard model of consumer behavior assumes completeness of preferences.
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More for · 3
Revisiting the axiom of completeness in health care.
2003 · cited by 0
Paper 2 discusses how experiments modeling individual preferences are based on the standard assumption of completeness.
Irrational Responses to Risk Preference Questionnaires by Patients with Diabetes with or without Retinopathy and Comparison with Those without Diabetes.
2020 · cited by 0
Paper 4 notes that expected utility theory, which forms the basis of consumer preference modeling, assumes completeness.
Impact of discussion on preferences elicited in a group setting.
2006 · cited by 0
Paper 6 confirms that the completeness of preferences is assumed as a core axiom of expected utility theory.