Intensity of preference facts for kids
Intensity of preference, also known as intensity preference, is a term used to identify and describe what happens in a process which leads to consensus agreement or consensus ranking. The phrase recognizes that decisions and decision-making involve intensity of feeling about a choice and the choice preference itself.
The concept of preference intensity has been criticized over the past sixty years because of the problems in measuring it. The term is used in economics, politics, marketing and other areas.
History
Ranking and consensus have been the subject of research for 200+ years. In the 20th century, the term intensity of preference was coined by the work of the economist Kenneth Arrow, who was a recipient of the 1972 Nobel Prize in Economics.
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Intensity of preference Facts for Kids. Kiddle Encyclopedia.