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Home  >  Volume 22 (2012)

Application of the theory of revealed preference to a special Problem in the maritime transport market by Ogbeide, Paul Osaze and Giegbefumwen, Peter, Volume 22 (November, 2012), pp 341 – 344
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Abstract

The economic concept of “revealed preferences” suggests that individual behavior can be used to infer individual and collective preferences that would otherwise be known to be chaotic. This idea is used in this study to analyze specific problems in the maritime transport market, and using market forms to describe the structure of maritime transport.

The study therefore, presents an interpretation of economic modeling that can assist in judging future trends in the shipping market and in supply and demand models of the shipping market.

Keywords: Revealed Preference, Economic theory, Axiom, Ordinal utility, Neo classical model of choice, Utility Maximization, Reflexivity, Transitivity, Behavioral preference. 

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