How would you describe and analyze the Prince of Arragon in The Merchant of Venice?

The first reference to the prince is in Act I, Scene 2, when Portia and Nerissa, her lady in waiting, are discussing Portia's suitors. Each one is individually mentioned by Nerissa, with Portia providing insight into her sentiments about each man. Nerissa refers to the Prince of Arragon as the 'Neapolitan prince.' It is clear Portia does not like him much, as we can read in her comment:

Ay, that's a colt indeed, for he doth nothing buttalk of his horse; and he makes it a greatappropriation to his own good parts, that he canshoe him himself. I am much afeard my lady hismother played false with a smith.

Portia seems to believe the prince is obsessed with his horse. He talks about it incessantly and is very proud he can shoe it himself. Portia mocks the prince and says she believes his peculiar behavior could only be because he was most likely the result of an affair between his mother and a blacksmith.
In Act II, Scene 9, we learn more about the Prince of Arragon when he chooses a casket. His name seems to suit his personality and one can easily assume 'Arragon' is a deliberate play on 'arrogant,' since the prince displays a conceited opinion of himself as can be inferred from his response to the inscription on the lead casket:

'Who chooseth me must give and hazard all he hath.'You shall look fairer, ere I give or hazard.

The Prince of Arragon's remark is quite offensive, since he states that Portia should either be more beautiful, lighter in complexion, or more generous before the prince will be moved to give and risk everything he has. When he looks at the inscription on the gold casket, his response is supercilious:

'Who chooseth me shall gain what many men desire.'What many men desire! that 'many' may be meantBy the fool multitude, that choose by show...
...I will not choose what many men desire,Because I will not jump with common spiritsAnd rank me with the barbarous multitudes.

It is obvious the prince deems himself superior to other people, whom he refers to as 'barbarous multitudes.' As a result, the prince rejects the gold casket, claiming he is not a commoner who is easily led by what he sees on the outside and ignores the true value of what is inside.
When the prince reads the inscription on the silver casket, he reveals a pompous attitude, for he is quite condescending and patronizing. He boorishly sermonizes about the value of being rewarded with what one deserves and not obtaining merit by corrupt means. Apparently, the prince forgets he was born into wealth and privilege without having to work for those advantages. His remarks, therefore, come across as quite hypocritical.
When he decides on the silver casket, the prince clearly indicates his superiority complex, as he assumes he is entitled to Portia's hand. He says, "I will assume desert," which means he thinks he deserves to be the one who gets Portia. In the end, though, the prince is honest enough to admit having been foolish. He states he has become twice as foolish as he was when he arrived.

With one fool's head I came to woo,But I go away with two.