A Generalization of Sen’s Unification Theorem: Avoiding the Necessity of Pairs and Triplets
AbstractThis paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in literature rest upon the ability to choose over budget sets that contains only 2 or 3 elements, the situations which are not observable in real life. In order to give a more realistic approach, this paper shows that many of the famous consistency requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if the domain of choice functions satisfy some set theoretical properties. And these properties, unions and inclusions for example, are proposed in a way that gives observability.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 37094.
Date of creation: 10 Nov 2011
Date of revision:
Revealed Preference Theory; Rationality; Ordering; Preference; Choice function;
Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-14 (All new papers)
- NEP-CDM-2012-03-14 (Collective Decision-Making)
- NEP-HPE-2012-03-14 (History & Philosophy of Economics)
- NEP-UPT-2012-03-14 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Suzumura, Kotaro, 1976. "Rational Choice and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 149-58, February.
- Bandyopadhyay, Taradas, 1988. "Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence," Review of Economic Studies, Wiley Blackwell, vol. 55(2), pages 343-51, April.
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