revealed preference

Definition

The use of the value of expenditure to "reveal" the preference of a consumer or group of consumers for the bundle of goods they purchase compared to other bundles of equal or smaller value. Used by Samuelson (1939) and Ohyama (1972), especially, to examine the gains from trade.

Use revealed preference in a sentence

You may want to not let others know your revealed preference until the last minute so you get the right price.

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It was a revealed preference that we used to determine some things and we did it for the betterment of ourselves.

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After the study was completed, the revealed preference showed that individuals preferred one product much more than the other, which was very useful information.

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