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A refinement of prudent choices

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  • Houy, Nicolas
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    Abstract

    We characterize choice correspondences that can be rationalized by a procedure that is a refinement of the prudent choices exposed in (Houy, 2010). Our characterization is made by means of the usual expansion axiom [gamma] and a weakening of the usual contraction axiom [alpha]. We also make a link with traditional rationality.

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    Bibliographic Info

    Article provided by Elsevier in its journal Mathematical Social Sciences.

    Volume (Year): 61 (2011)
    Issue (Month): 3 (May)
    Pages: 166-169

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    Handle: RePEc:eee:matsoc:v:61:y:2011:i:3:p:166-169

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    Web page: http://www.elsevier.com/locate/inca/505565

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    Keywords: Prudent choices Rational choices Multi-criteria decision making;

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    1. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
    2. Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
    3. Houy, Nicolas & Tadenuma, Koichi, 2007. "Lexicographic Compositions of Two Criteria for Decision Making," Discussion Papers 2007-08, Graduate School of Economics, Hitotsubashi University.
    4. Nicolas Houy, 2010. "A characterization of prudent choices," Social Choice and Welfare, Springer, vol. 34(2), pages 181-192, February.
    5. Koichi Tadenuma, 2005. "Egalitarian-equivalence and the Pareto principle for social preferences," Social Choice and Welfare, Springer, vol. 24(3), pages 455-473, 06.
    6. Tadenuma, Koichi, 2002. "Efficiency First or Equity First? Two Principles and Rationality of Social Choice," Journal of Economic Theory, Elsevier, vol. 104(2), pages 462-472, June.
    7. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    8. Houy Nicolas, 2007. "Rationality and Order-Dependent Sequential Rationality," Theory and Decision, Springer, vol. 62(2), pages 119-134, March.
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