2. The rule of choice Weak axiom of revealed preference VaRP or Wa):fx∈C(B) for certain∈B, andx,y∈ B for b'∈andx,y∈B',y∈C(B then must x∈C(B) Revealed Preference“%*” x%y分彐B∈,3x2y∈B,andx∈C(B) lecture for Chu Kechen Honors Collegelecture4 for Chu Kechen Honors College 2.The rule of choice ➢ Weak Axiom of Revealed Preference (WARP or WA) : if for certain , and for and , then must ➢ Revealed Preference “ ”: BB x y B ,  x C B  ( ) BB x y B ,   y C B  ( ) x C B  ( )  % x y B x y B x C B , , ,and ( ) %        B