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It means that you give your preferences in order of what you would prefer the most down to what you would prefer the least.
"What I'd really like for my birthday is a new car, but if you can't afford that, then I'd love for you to get me a job at your company, so I can buy my own car. But if they're not hiring right now, I guess I'd settle for an iPhone."
This sort of thing finds application in some voting systems, where voters can list their choices in order of hierarchical preference. The advantage of this is that it allows you to vote for the candidate that you'd really like to win, but still not be 'throwing away your vote' if that candidate has no realistic chance of winning the election.
What else can I help you with?
What is the difference between stated preference and revealed preference when it comes to consumer behavior?
Stated preference refers to what consumers say they prefer, while revealed preference is based on their actual choices and behavior. Stated preference is based on surveys or hypothetical scenarios, while revealed preference is observed through real-life actions such as purchasing decisions.
How to calculate cost of preference shares?
Kp (cost of pref. share) = Annual dividend of preference shares Market price of the preference stock
What is monotonic preference?
monotonic preference means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.
What is choice in economics?
choice is giving preference to your needs.
Factors affecting the demand of rice?
A populations preference for it and it's availability.
What is the sizing of figures as determined by social rank called?
Hierarchic scale
What has the author L F Jackson written?
L. F. Jackson has written: 'The Engel curve for variety and hierarchic demand systems'
What is a sentence for preference?
what is your preference? my Preference does not matter at all!
What is a sentence using the word preference?
I have a preference for the color yellow. Her preference toward the candidate was obvious.
What is brand preference?
Brand preference is the preference of one brand over another based on equal availability and price. Brand preference is studied in market research.
What is a noun for prefer?
Preference is the noun form.
Do spiders have a preference for salt?
Spiders do not have a preference for salt.
Do ticks have a preference for vinegar?
Ticks do not have a preference for vinegar.
What are the types of preference share?
1.cumulative preference share capital 2.non cumulative preference share capital 3.participative preference share capital 4.non participative preference share capital
What are the various types of preference share?
1.cumulative preference share capital 2.non cumulative preference share capital 3.participative preference share capital 4.non participative preference share capital
Who will paid first debenture holders or preference share holders?
Debenture holders will get preference over preference shareholders
What is the verb for preference?
The verb of preference is prefer. As in "to prefer something over something else".
