What kind of preference maximization does the weak axiom of revealed non-inferiority characterize?
نویسنده
چکیده
A choice correspondence is weak justified if a non-chosen alternative is dominated by any other obtainable alternative, and for each discarded alternative there is some chosen alternative which dominates it. This definition allows us to build a connection between the behavioral property expressed by the weak axiom of revealed non-inferiority and a weak form of maximality. It is weaker than the form of maximality characterized by the weak axiom of revealed preference. JEL classification. D0.
منابع مشابه
Axiom of Revealed Non-inferiority Characterize? What kind of preference maximization does the weak axiom of revealed non-inferiority characterize?
A multi-valued choice is weak justi ed if no chosen alternative is dominated by any other obtainable alternative, and for each discarded alternative there is some chosen alternative which dominates it. This de nition allows us to build a connection between the behavioral property expressed by the weak axiom of revealed non-inferiority and a weak notion of rationality. Our notion of rationaity i...
متن کامل14.123 S15 Microeconomic Theory III, Theory of Choice Lecture Notes
In these notes, I will summarize the basic ideas in choice theory, which you must be familiar with from 14.121. I will describe three ways of modeling individual choice, namely choice function, preference, and utility maximization. I will present the conditions under which one can use each model. One can always use choice functions in modeling a decision maker’s choice at a given situation. In ...
متن کاملWhat's the Use? Welfare Estimates from Revealed Preference Models When Weak Complementarity Does Not Hold
The focal point of the revealed preference (RP) valuation literature, including recreation demand and random utility maximization (RUM) models, has been on eliciting the “use” value associated with environmental amenities; i.e., that portion of value associated with direct use of a resource. Mäler’s (1974) concept of weak complementarity is typically invoked to justify this focus. Indeed, weak ...
متن کاملOn characterizations of the fully rational fuzzy choice functions
In the present paper, we introduce the fuzzy Nehring axiom, fuzzy Sen axiom and weaker form of the weak fuzzycongruence axiom. We establish interrelations between these axioms and their relation with fuzzy Chernoff axiom. Weexpress full rationality of a fuzzy choice function using these axioms along with the fuzzy Chernoff axiom.
متن کاملLocally complete path independent choice functions and their lattices
The concept of path independence (PI) was first introduced by Arrow (1963) as a defense of his requirement that collective choices be rationalized by a weak ordering. Plott (1973) highlighted the dynamic aspects of PI implicit in Arrow’s initial discussion. Throughout these investigations two questions, both initially raised by Plott, remained unanswered. What are the precise mathematical found...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- Mathematical Social Sciences
دوره 59 شماره
صفحات -
تاریخ انتشار 2010