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Prudent choices and rationality

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  • Nicolas Houy

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique)

Abstract

In this paper, we study the relationships between binary lexicographic composition of rationales (see [Tadenuma, 2002]), prudent choices (see [Houy, 2008a]) and refined prudent choices (see [Houy, 2008b]) in the case of multi-criteria decision making. We show that these relationships are linked to the non-emptiness and rationality properties of these choice functions.

Suggested Citation

  • Nicolas Houy, 2008. "Prudent choices and rationality," Working Papers hal-00360518, HAL.
    • Handle: RePEc:hal:wpaper:hal-00360518
    Note: View the original document on HAL open archive server: https://hal.science/hal-00360518
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    References listed on IDEAS

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    1. Houy, Nicolas & Tadenuma, Koichi & 蓼沼, 宏一, 2007. "Lexicographic Compositions of Two Criteria for Decision Making," Discussion Papers 2007-08, Graduate School of Economics, Hitotsubashi University.
    2. Nicolas Houy, 2010. "A characterization of prudent choices," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 34(2), pages 181-192, February.
    3. Paola Manzini & Marco Mariotti, 2005. "Shortlisting," Public Economics 0503006, University Library of Munich, Germany, revised 23 Mar 2006.
    4. Blair, Douglas H. & Bordes, Georges & Kelly, Jerry S. & Suzumura, Kotaro, 1976. "Impossibility theorems without collective rationality," Journal of Economic Theory, Elsevier, vol. 13(3), pages 361-379, December.
    5. Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
    6. Houy Nicolas, 2007. "Rationality and Order-Dependent Sequential Rationality," Theory and Decision, Springer, vol. 62(2), pages 119-134, March.
    7. 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.
    8. Koichi Tadenuma, 2005. "Egalitarian-equivalence and the Pareto principle for social preferences," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 24(3), pages 455-473, June.
    9. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    10. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
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