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Von Neumann–Morgenstern stable set rationalization of choice functions

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  • Vicki Knoblauch

    (University of Connecticut)

Abstract

Two scenarios illustrate uses of von Neumann–Morgenstern stable sets in the construction of choice functions. A comparison is made to the construction of choice functions by the selection of maximal elements. A characterization is given of choice functions that are von Neumann–Morgenstern stable set rationalizable by acyclic, asymmetric binary relations. Two examples illustrate the use of the characterization.

Suggested Citation

  • Vicki Knoblauch, 2020. "Von Neumann–Morgenstern stable set rationalization of choice functions," Theory and Decision, Springer, vol. 89(3), pages 369-381, October.
    • Handle: RePEc:kap:theord:v:89:y:2020:i:3:d:10.1007_s11238-020-09755-3
    DOI: 10.1007/s11238-020-09755-3
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    References listed on IDEAS

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    Cited by:

    1. Josep E. Peris & Begoña Subiza, 2023. "Rational stability of choice functions," International Journal of Economic Theory, The International Society for Economic Theory, vol. 19(3), pages 580-598, September.

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    More about this item

    Keywords

    Von Neumann–Morgenstern stable set; Choice function; Rationalization of choice;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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