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Menu-dependent preferences and revelation principle

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  • Saran, Rene
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    Abstract

    We extend the set of preferences to include menu-dependent preferences and characterize the domain in which the revelation principle holds. A weakening of the well-known contraction consistency is shown to define a subset of this domain. However, we show that minimax-regret preference can be outside the domain.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Theory.

    Volume (Year): 146 (2011)
    Issue (Month): 4 (July)
    Pages: 1712-1720

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    Handle: RePEc:eee:jetheo:v:146:y:2011:i:4:p:1712-1720

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    Web page: http://www.elsevier.com/locate/inca/622869

    Related research

    Keywords: Revelation principle Menu-dependent preferences Weak contraction consistency Minimax regret;

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    1. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Sen, A., 1996. "Maximisation and the Act of Choice," Papers, Banca Italia - Servizio di Studi 270, Banca Italia - Servizio di Studi.
    3. Eliaz, K., 1999. "Fault Tolerant Implementation," Papers, Tel Aviv 21-99, Tel Aviv.
    4. Sen, Amartya, 1994. "The Formulation of Rational Choice," American Economic Review, American Economic Association, American Economic Association, vol. 84(2), pages 385-90, May.
    5. Dasgupta, Partha S & Hammond, Peter J & Maskin, Eric S, 1979. "The Implementation of Social Choice Rules: Some General Results on Incentive Compatibility," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 46(2), pages 185-216, April.
    6. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, Econometric Society, vol. 61(3), pages 495-521, May.
    7. Simonson, Itamar, 1989. " Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 16(2), pages 158-74, September.
    8. Huber, Joel & Payne, John W & Puto, Christopher, 1982. " Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 9(1), pages 90-98, June.
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    Cited by:
    1. Geoffroy de Clippel, 2012. "Behavioral Implementation," Working Papers 2012-6, Brown University, Department of Economics.

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