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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 MatchesPreference sharePreference sharePreferred shares of a corporation that have first claim to preferred dividends. Participating preference sharesParticipating preference sharesPreference shares which, in addition to paying a specified dividend, entitle preference shareholders to participate in receiving an additional dividend if ordinary shareholders are paid a dividend above a stated amount. Identical preferencesIdentical preferencesThe assumption that individuals -- either within a country or in different countries -- have the same preferences. To be useful, since individuals' and countries' incomes may differ, the assumption is often used together with homothetic preferences. PreferencesPreferences1. 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. Further SuggestionsHomothetic preferencesCommunity preferences Revealed preference Loan Preference Principle Involuntary liquidation preference Generalized System of Preferences Preference stock preference shares Liquidity preference hypothesis Weak axiom of revealed preference redeemable preference shares stepped preference shares cumulative preference shares Tax preference item |
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