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Preference for variety |
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Preference for varietyThe increased utility that people experience when they have access to a larger number of differentiated product varieties. In reality this may reflect their ability to find products more closely suited to their own particular needs, but as modeled in the Dixit-Stiglitz utility function, they are better off consuming small quantities of each of a larger number of products.Similar MatchesPreferencesPreferences1. In trade policy, this refers to special advantages, such as lower-than-MFN tariffs, accorded to another country's exports, usually in order to promote that country's development. See GSP. 2. In trade theory, this refers to the attitudes of consumers toward different goods, as represented by a utility function. Some propositions in trade theory use the assumption of identical and/or homothetic preferences. Tariff preferenceTariff preferenceA lower (or zero) tariff on a product from one country than is applied to imports from most countries. This violation of the MFN principle is permitted in special cases, including some preferential trade arrangements and the GSP. Redeemable preference sharesRedeemable preference sharesPreference shares which the issuing company reserves the right to redeem. The shares may, or may not have a specific redemption date or dates. Liquidity preference hypothesisLiquidity preference hypothesisThe argument that greater liquidity is valuable, all else equal. Also, the theory that the forward rate exceeds expected future interest rates. Tax preference itemTax preference itemItems that must be included when calculating the alternative minimum tax. Further SuggestionsRevealed preferenceparticipating preference shares Preference share cumulative preference shares Involuntary liquidation preference Weak axiom of revealed preference stepped preference shares Generalized System of Preferences Community preferences preference shares Preference stock Homothetic preferences Loan Preference Principle Identical preferences |
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