Revealed group preferences on non-convex choice problems
AbstractThis paper studies the conditions under which the basic results of the revealed preference theory can be established on the domain of choice problems which include non-convex feasible sets; the exercise is closely related to the works of Peters and Wakker (1991) and Bossert (1994). We show that while no continuous choice function can satisfy strong Pareto optimality over the class of all compact and comprehensive choice problems, strong Pareto optimality, Arrow's choice axiom, upper hemicontinuity and a weak compromisation postulate turn out to be necessary and sufficient to represent choice correspondences by continuous, strictly increasing and quasiconcave real-valued functions. Some applications of our main findings to axiomatic bargaining theory are also studied.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 13 (1999)
Issue (Month): 3 ()
Note: Received: December 2, 1996; revised version: February 27, 1998
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
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- M. Hinojosa & A. Mármol & J. Zarzuelo, 2008. "Inequality averse multi-utilitarian bargaining solutions," International Journal of Game Theory, Springer, vol. 37(4), pages 597-618, December.
- Miguel Ángel Hinojosa & Amparo Mª Mármol & José Manuel Zarzuelo, 2007. "Multi-Utilitarian Bargaining Solutions," Working Papers 07.13, Universidad Pablo de Olavide, Department of Economics.
- Ok, Efe A. & Zhou, Lin, 2000. "The Choquet Bargaining Solutions," Games and Economic Behavior, Elsevier, vol. 33(2), pages 249-264, November.
- John Quah & Hiroki Nishimura & Efe A. Ok, 2013. "A Unified Approach to Revealed Preference Theory: The Case of Rational Choice," Economics Series Working Papers 686, University of Oxford, Department of Economics.
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