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Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence

  • Bandyopadhyay, Taradas

This paper is concerned with the axiomatic foundation of the theory of choice. Describing a choice procedure which one often observes in real life, the author shows that the requirement of path independence of such a procedure is a necessary and sufficient condition for transitive or full rationalization of a choice function. It is shown that the result holds when rationality is identified with different interpretations of the binary relations of preference revealed by a choice function. It is also shown that a weaker version of our path independence condition is both necessary and sufficient for a rational choice. Copyright 1988 by The Review of Economic Studies Limited.

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Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 55 (1988)
Issue (Month): 2 (April)
Pages: 343-51

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Handle: RePEc:bla:restud:v:55:y:1988:i:2:p:343-51
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