On the sufficiency of transitive preferences

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On the sufficiency of transitive preferences

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Theodore Turocy () (Department of Economics, Texas A and M University)

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Theodore Turocy

Abstract

The assumption that preferences are transitive, or, roughly equivalently, that choice behavior satisfies the Weak Axiom of Revealed Preference, is at the core of much classical normative decision theory. This paper asks to what degree this restricts the possible outcomes of choice behavior: are there objectives that could not be attained by an agent adhering to WARP that could be attained by choices that would be said to be "intransitive"? It is argued that the answer to this question is "no" in one setting of choice under random budget sets; any outcome obtained by intransitive choice methods can also be obtained by transitive ones.

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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 4 (2007)
Issue (Month): 22 ()
Pages: 1-9
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Handle: RePEc:ebl:ecbull:v:4:y:2007:i:22:p:1-9

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D0 - Microeconomics - - General

References listed on IDEAS
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Kim, Taesung, 1987. "Intransitive Indifference and Revealed Preference," Econometrica, Econometric Society, vol. 55(1), pages 163-67, January. [Downloadable!] (restricted)
Fishburn, Peter C, 1991. " Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-34, April.
Mandler, Michael, 2005. "Incomplete preferences and rational intransitivity of choice," Games and Economic Behavior, Elsevier, vol. 50(2), pages 255-277, February. [Downloadable!] (restricted)
Epstein, Larry G, 1987. "The Unimportance of the Intransitivity of Separable Preferences," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(2), pages 315-22, June. [Downloadable!] (restricted)
Vega-Redondo, Fernando, 1995. "The Dynamics and Revealed Preference of Status-Quo Optimality," Economic Theory, Springer, vol. 6(2), pages 263-82, July.

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This page was last updated on 2008-6-16.

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