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Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence

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  • Bandyopadhyay, Taradas

Abstract

This paper is concerned with the axiomatic foundation of the theory of choice. Describing a choice procedure which one often observes in real life, the author shows that the requirement of path independence of such a procedure is a necessary and sufficient condition for transitive or full rationalization of a choice function. It is shown that the result holds when rationality is identified with different interpretations of the binary relations of preference revealed by a choice function. It is also shown that a weaker version of our path independence condition is both necessary and sufficient for a rational choice. Copyright 1988 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 55 (1988)
Issue (Month): 2 (April)
Pages: 343-51

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Handle: RePEc:bla:restud:v:55:y:1988:i:2:p:343-51

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Cited by:
  1. Bandyopadhyay, Taradas & Sengupta, Kunal, 1999. "The Congruence Axiom and Path Independence," Journal of Economic Theory, Elsevier, vol. 87(1), pages 254-266, July.
  2. Bandyopadhyay, Taradas & Sengupta, Kunal, 2003. "Intransitive indifference and rationalizability of choice functions on general domains," Mathematical Social Sciences, Elsevier, vol. 46(3), pages 311-326, December.
  3. Taradas Bandyopadhyay, 2011. "Choice procedures and power structure in social decisions," Social Choice and Welfare, Springer, vol. 37(4), pages 597-608, October.
  4. He, Junnan, 2012. "A generalized unification theorem for choice theoretic foundations: Avoiding the necessity of pairs and triplets," Economics Discussion Papers 2012-23, Kiel Institute for the World Economy.
  5. Yuval Salant, 2011. "Procedural Analysis of Choice Rules with Applications to Bounded Rationality," American Economic Review, American Economic Association, vol. 101(2), pages 724-48, April.
  6. He, Junnan, 2011. "A Generalization of Sen’s Unification Theorem: Avoiding the Necessity of Pairs and Triplets," MPRA Paper 37094, University Library of Munich, Germany.
  7. He, Junnan, 2012. "On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(31), pages 1-15.
  8. Taradas Bandyopadhyay & Kunal Sengupta, 2006. "Rational Choice and von Neumann– Morgenstern’s Stable Set: The Case of Path-dependent Procedures," Social Choice and Welfare, Springer, vol. 27(3), pages 611-619, December.

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