A Stronger Case for Transitive Preferences
AbstractThe assumption that preferences are transitive, or, equivalently, that choice behavior satisfies the Weak Axiom of Revealed Preference, is at the core of most economic theory. While this is a natural assumption, one could ask the degree to which it is restrictive: are there objectives that could not be attained by such behavior that could be attained by choices violating the assumption? It is argued that the answer to this question is no in one setting of choice under random budget sets.
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Bibliographic InfoPaper provided by EconWPA in its series Game Theory and Information with number 0505004.
Length: 5 pages
Date of creation: 10 May 2005
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Note: Type of Document - pdf; pages: 5
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Find related papers by JEL classification:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-05-14 (All new papers)
- NEP-DCM-2005-05-14 (Discrete Choice Models)
- NEP-EVO-2005-05-14 (Evolutionary Economics)
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