How vague can one be? Rational preferences without completeness or transitivity
نویسندگان
چکیده
What can it mean for preferences to be rational when transitivity or completenss are not assumed? In this paper we provide a framework and a set of conditions to deal with this question. We provide representation results in terms of a pair of functions, a utility function and a vagueness function.
منابع مشابه
Non-Transitive Consumer Behavior
Rational choice when preferences are not required to be transitive and complete has been discussed in the literature for years. In this article transitivity and completeness of the preference relation is also not assumed. It will be shown that nevertheless the existence of a competitive equilibrium can be proven when those properties are replaced by a domination property which allows that there...
متن کاملIncomplete preferences and rational intransitivity of choice
Do violations of classical rationality theory imply that agents are acting against their self-interest? To answer this question, we investigate whether completeness and transitivity necessarily hold when agents choose outcome rationally—that is, their choice sequences do not lead to dominated outcomes. We show that, because of the danger of money pumps and other manipulations, outcome rationali...
متن کاملA Note on Transitivity, Completeness and Suzumura Consistency
What is required of the agent who makes her choices on the basis of her preferences? What can be inferred about an agent’s preferences from the choices she makes? In considering these questions, it is worth distinguishing between the choices that are permissable given her preferences, those that are mandatory and those that she actually makes. Rationality does not generally require that agents ...
متن کاملMoney Pumps, Incompleteness, and Indeterminacy
In an alleged counter-example to the completeness of rational preferences, a career as a clarinettist is compared with a career in law. It seems reasonable to neither want to judge that the law career is at least as preferred as the clarinet career nor want to judge that the clarinet career is at least as preferred as the law career. The two standard interpretations of examples of this kind are...
متن کاملInterval-valued preference structures
Different languages that are offered to model vague preferences are reviewed and an interval-valued language is proposed to resolve a particular difficulty encountered with other languages. It is shown that interval-valued languagesare well definedfor De Morgan triples constructedby continuoustriangular norms, conorms and a strong negation function. A new transitivity condition for vague prefer...
متن کامل