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Indirect Utility Reflecting Anxiety and Flexibility of Choice

Author

Listed:
  • Somdeb Lahiri

    (School of Petroleum Management, PD Petroleum University, India)

Abstract

This paper introduces the concept of an indirect utility function reflecting anxiety of choice and an indirect utility function reflecting flexibility of choice. Using a total of six different properties, we provide separate axiomatic characterisations of these two kinds of indirect utility functions.

Suggested Citation

  • Somdeb Lahiri, 2018. "Indirect Utility Reflecting Anxiety and Flexibility of Choice," Journal of Economics and Management, College of Business, Feng Chia University, Taiwan, vol. 14(1), pages 33-50, February.
    • Handle: RePEc:jec:journl:v:14:y:2018:i:1:p:33-50
    as

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    References listed on IDEAS

    as
    1. Pattanaik, Prasanta K. & Xu, Yongsheng, 2000. "On diversity and freedom of choice," Mathematical Social Sciences, Elsevier, vol. 40(2), pages 123-130, September.
    2. Prasanta Pattanaik & Yongsheng Xu, 1998. "On Preference and Freedom," Theory and Decision, Springer, vol. 44(2), pages 173-198, April.
    3. Kreps, David M, 1979. "A Representation Theorem for "Preference for Flexibility"," Econometrica, Econometric Society, vol. 47(3), pages 565-577, May.
    4. Somdeb Lahiri, 2003. "Justifiable preferences over opportunity sets," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 21(1), pages 117-129, August.
    5. Prasanta K. PATTANAIK & Yongsheng XU, 1990. "On Ranking Opportunity Sets in Terms of Freedom of Choice," Discussion Papers (REL - Recherches Economiques de Louvain) 1990036, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    6. Amartya SEN, 1990. "Welfare, Freedom and Social Choice: a Reply," Discussion Papers (REL - Recherches Economiques de Louvain) 1990040, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    7. Gekker, Ruvin, 2001. "On the axiomatic approach to freedom as opportunity: a general characterization result," Mathematical Social Sciences, Elsevier, vol. 42(2), pages 169-177, September.
    8. Sen, Amartya, 1991. "Welfare, preference and freedom," Journal of Econometrics, Elsevier, vol. 50(1-2), pages 15-29, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    indirect utility function; anxiety of choice; flexibility of choice;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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