The rationalizability of a choice function by means of a transitive relation has been analyzed thoroughly in the literature. However, not much seems to be known when transitivity is weakened to quasi-transitivity or acyclicity. We describe the logical relationships between the different notions of rationalizability involving, for example, the transitivity, quasi-transitivity, or acyclicity of the rationalizing relation. Furthermore, we discuss sufficient conditions and necessary conditions for rational choice on arbitrary domains. Transitive, quasi-transitive, and acyclical rationalizability are fully characterized for domains that contain all singletons and all two-element subsets of the universal set.
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Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number
28.
Find related papers by JEL classification: D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2002.
"Maximal-Element Rationalizability,"
Cahiers de recherche
2002-16, Universite de Montreal, Departement de sciences economiques.
[Downloadable!]
Other versions:
Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2002.
"Maximal-Element Rationalizability,"
Discussion Paper
124, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
[Downloadable!]