Preference relation in the context of "Dichotomous preferences"

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⭐ Core Definition: Preference relation

The term preference relation is used to refer to orderings that describe human preferences for one thing over an other.

  • In mathematics, preferences may be modeled as a weak ordering or a semiorder, two different types of binary relation. One specific variation of weak ordering, a total preorder (= a connected, reflexive and transitive relation), is also sometimes called a preference relation.
  • In computer science, machine learning algorithms are used to infer preferences, and the binary representation of the output of a preference learning algorithm is called a preference relation, regardless of whether it fits the weak ordering or semiorder mathematical models.
  • Preference relations are also widely used in economics; see preference (economics).
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👉 Preference relation in the context of Dichotomous preferences

In economics, dichotomous preferences (DP) are preference relations that divide the set of alternatives to two subsets, "Good" and "Bad".

From ordinal utility perspective, DP means that for every two alternatives :

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Preference relation in the context of Ordinal Priority Approach

Ordinal priority approach (OPA) is a multiple-criteria decision analysis method that aids in solving the group decision-making problems based on preference relations.

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Preference relation in the context of Single-peaked preferences

Single-peaked preferences are a class of preference relations. A group has single-peaked preferences over a set of outcomes if the outcomes can be ordered along a line such that:

  1. Each agent has a "best outcome" in the set, and
  2. For each agent, outcomes that are further from his or her best outcome are preferred less.

Single-peaked preferences are typical of one-dimensional domains. A typical example is when several consumers have to decide on the amount of public good to purchase. The amount is a one-dimensional variable. Usually, each consumer decides on a certain quantity which is best for him or her, and if the actual quantity is more/less than that ideal quantity, the agent is then less satisfied.

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LINKED FROM (PARENTS)
← Ordinal Priority Approach ← Single-peaked preferences ← Dichotomous preferences
LINKS TO (CHILDREN)
Preference → Weak ordering → Semiorder → Binary relation → Total preorder → Preference learning → Preference (economics) →