Although the theory of greatest-element rationalizability and maximal-element rationalizability under general domains and without full transitivity of rationalizing relations is well-developed in the literature, these standard notions of rational choice are often considered to be too demanding. An alternative definition of rationality of choice is that of non-deteriorating choice, which requires that the chosen alternatives must be judged at least as good as a reference alternative. In game theory, this definition is well-known under the name of individual rationality when the reference alternative is construed to be the status quo. This alternative form of rationality of individual and social choice is characterized in this paper on general domains and without full transitivity of rationalizing relations.
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Paper provided by Universite de Montreal, Departement de sciences economiques in its series Cahiers de recherche with number
2006-13.
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Bossert, W. & Sprumont, Y. & Suzumura, K., 2002.
"Maximal-Element Rationalizability,"
Cahiers de recherche
16-2002, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
[Downloadable!]
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Bossert, W. & Sprumont, Y., 2001.
"Non-Deteriorating Choice,"
Cahiers de recherche
2001-01, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Other versions:
Walter Bossert & Yves Sprumont & Kotaro Suzumura, 2005.
"Consistent Rationalizability,"
Economica,
London School of Economics and Political Science, vol. 72(286), pages 185-200, 05.
[Downloadable!] (restricted)
Other versions:
Bossert, W. & Sprumont, Y. & Suzumura, K., 2002.
"Consistent Rationalizability,"
Cahiers de recherche
12-2002, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
[Downloadable!]
BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2002.
"Consistent Rationalizability,"
Cahiers de recherche
2002-12, Universite de Montreal, Departement de sciences economiques.
[Downloadable!]