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Choice, internal consistency, and rationality

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Author Info

  • Aditi Bhattacharyya

    ()
    (Department of Economics and International Business, Sam Houston State University)

  • Prasanta K. Pattanaik

    ()
    (Department of Economics, University of California - Riverside)

  • Yongsheng Xu

    ()
    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University)

Abstract

The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms of classical rational choice theory, and examines the broad impact of these criticisms from both normative and positive points of view.

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File URL: http://www.shsu.edu/%7Etcq001/paper_files/wp10-11_paper.pdf
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Bibliographic Info

Paper provided by Sam Houston State University, Department of Economics and International Business in its series Working Papers with number 1011.

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Date of creation: Dec 2010
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Handle: RePEc:shs:wpaper:1011

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References

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  1. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
  2. Fehr, Ernst & Klein, Alexander & Schmidt, Klaus M., 2007. "Fairness and contract design," Munich Reprints in Economics 20618, University of Munich, Department of Economics.
  3. Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Discussion Paper Series dp278, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  4. Wulf Gaertner & Yongsheng Xu, 2004. "Procedural choice," Economic Theory, Springer, vol. 24(2), pages 335-349, August.
  5. Suzumura, Kotaro & Xu, Yongsheng, 2001. "Characterizations of Consequentialism and Nonconsequentialism," Journal of Economic Theory, Elsevier, vol. 101(2), pages 423-436, December.
  6. Nick Baigent & Wulf Gaertner, 1996. "Never choose the uniquely largest A Characterization," Economic Theory, Springer, vol. 8(2), pages 239-249.
  7. Gaertner, Wulf & Xu, Yongsheng, 1997. "Optimization and external reference; a comparison of three axiomatic systems," Economics Letters, Elsevier, vol. 57(1), pages 57-62, November.
  8. Taradas Bandyopadhyay & Indraneel Dasgupta & Prasanta Pattanaik, 2004. "A general revealed preference theorem for stochastic demand behavior," Economic Theory, Springer, vol. 23(3), pages 589-599, March.
  9. Simonson, Itamar, 1989. " Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, University of Chicago Press, vol. 16(2), pages 158-74, September.
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Cited by:
  1. Marggraf, Rainer & Masius, Patrick & Rumpf, Christine, 2012. "Zur Integration von Tieren in wohlfahrtsökonomische Analysen," DARE Discussion Papers 1207, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).

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