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What Kind of Preference Maximization Does the Weak Axiom of Revealed Non-inferiority Characterize?

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  • Michele Lombardi

    (Queen Mary, University of London)

Abstract

A multi-valued choice is weak justified if no chosen alternative is dominated by any other obtainable alternative, and for each discarded alternative there is some chosen alternative which dominates it. This definition allows us to build a connection between the behavioral property expressed by the weak axiom of revealed non-inferiority and a weak notion of rationality. Our notion of rationaity is weaker than that characterized by the weak axiom of revealed preference.

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Paper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 606.

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Date of creation: Sep 2007
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Handle: RePEc:qmw:qmwecw:wp606

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Keywords: Weak axiom of revealed non-inferiority;

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  1. Richard Blundell & Martin Browning & Ian Crawford, 1997. "Non-parametric Engel curves and revealed preferences," IFS Working Papers W97/14, Institute for Fiscal Studies.
  2. Bandyopadhyay, Taradas & Sengupta, Kunal, 1993. "Characterization of Generalized Weak Orders and Revealed Preference," Economic Theory, Springer, vol. 3(3), pages 571-76, July.
  3. Kim, Taesung, 1987. "Intransitive Indifference and Revealed Preference," Econometrica, Econometric Society, vol. 55(1), pages 163-67, January.
  4. Marco Mariotti, 2008. "What kind of preference maximization does the weak axiom of revealed preference characterize?," Economic Theory, Springer, vol. 35(2), pages 403-406, May.
  5. Eliaz, Kfir & Ok, Efe A., 2006. "Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences," Games and Economic Behavior, Elsevier, vol. 56(1), pages 61-86, July.
  6. Bandyopadhyay, Taradas & Sengupta, Kunal, 2003. "Intransitive indifference and rationalizability of choice functions on general domains," Mathematical Social Sciences, Elsevier, vol. 46(3), pages 311-326, December.
  7. Richard Blundell, 2005. "Presidential Address: How Revealing Is Revealed Preference?," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 211-235, 04/05.
  8. Kim, Taesung & Richter, Marcel K., 1986. "Nontransitive-nontotal consumer theory," Journal of Economic Theory, Elsevier, vol. 38(2), pages 324-363, April.
  9. Herzberger, Hans G, 1973. "Ordinal Preference and Rational Choice," Econometrica, Econometric Society, vol. 41(2), pages 187-237, March.
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