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Absolute and Relative Time-Consistent Revealed Preferences

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  • T. DEMUYNCK

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Abstract

We introduce an Absolute (Relative) Time-consistent Axiom of Revealed Preference which characterizes the consistency of a choice function with the property of absolute (relative) time-consistency and impatience. The axiom requires that the absolute (relative) time-consistent and impatient closure of the revealed preference relation does not conflict with the strict revealed preference relation.

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File URL: http://www.feb.ugent.be/nl/Ondz/wp/Papers/wp_07_485.pdf
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Bibliographic Info

Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 07/485.

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Length: 12 pages
Date of creation: Oct 2007
Date of revision:
Handle: RePEc:rug:rugwps:07/485

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Keywords: Time-consistency; Revealed Preference; Choice Function.;

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  1. Duggan, John, 1999. "A General Extension Theorem for Binary Relations," Journal of Economic Theory, Elsevier, vol. 86(1), pages 1-16, May.
  2. Sen, Amartya K, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 38(115), pages 307-17, July.
  3. Suzumura, Kataro, 1976. "Remarks on the Theory of Collective Choice," Economica, London School of Economics and Political Science, vol. 43(172), pages 381-90, November.
  4. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  5. Jacques Durieu & Hans Haller & Nicolas Querou & Philippe Solal, 2007. "Ordinal Games," CER-ETH Economics working paper series 07/74, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    • Jacques Durieu & Hans Haller & Nicolas QuĂ©rou & Philippe Solal, 2007. "Ordinal Games," Post-Print ujm-00194794, HAL.
  6. Joseph Eisenhauer & Luigi Ventura, 2006. "The prevalence of hyperbolic discounting: some European evidence," Applied Economics, Taylor & Francis Journals, vol. 38(11), pages 1223-1234.
  7. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-94, October.
  8. Donaldson, David & Weymark, John A., 1998. "A Quasiordering Is the Intersection of Orderings," Journal of Economic Theory, Elsevier, vol. 78(2), pages 382-387, February.
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