A generalized unification theorem for choice theoretic foundations: 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 Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2012-23.
Date of creation: 2012
Date of revision:
Revealed preference theory; rationality; preference; choice functions;
Find related papers by JEL classification:
- B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
- C00 - Mathematical and Quantitative Methods - - General - - - General
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-15 (All new papers)
- NEP-CDM-2012-05-15 (Collective Decision-Making)
- NEP-MIC-2012-05-15 (Microeconomics)
- NEP-UPT-2012-05-15 (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.:
- Bandyopadhyay, Taradas, 1988. "Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 55(2), pages 343-51, April.
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