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Revealed Preference Axioms for Rational Choice

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  • Bandyopadhyay, Taradas
  • Sengupta, Kunal

Abstract

This paper provides a simple axiomatic foundation of rational choice when the indifference relation is not necessarily transitive. Utilizing a notion of revealed preference relation, which says that an alternative x is revealed preferred to an alternative y whenever x is chosen while y is available, this paper establishes that the requirement that a rejected alternative of a set A can never be revealed preferred to some chosen element of A (resp. some element of A) is equivalent to quasi-transitive (resp. acyclic) rationalization; i.e., is a necessary and sufficient condition for the existence of a strict partial order (resp. a suborder); while the requirement that at least one of the chosen elements of a set A is always strictly revealed preferred to every rejected alternative of A is equivalent to pseudotransitive rationalization i.e., is a necessary and sufficient condition for the existence of an interval order. Copyright 1991 by Royal Economic Society.

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  • Bandyopadhyay, Taradas & Sengupta, Kunal, 1991. "Revealed Preference Axioms for Rational Choice," Economic Journal, Royal Economic Society, vol. 101(405), pages 202-213, March.
    • Handle: RePEc:ecj:econjl:v:101:y:1991:i:405:p:202-13
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    Cited by:

    1. Peris, Josep E. & Sanchez, M. Carmen & Subiza, Begona, 1998. "Revealed preference axioms for continuous rational choice," Journal of Mathematical Economics, Elsevier, vol. 30(3), pages 275-284, October.
    2. Taradas Bandyopadhyay, 2011. "Choice procedures and power structure in social decisions," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 37(4), pages 597-608, October.
    3. Domenico Cantone & Alfio Giarlotta & Stephen Watson, 2019. "Congruence relations on a choice space," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 52(2), pages 247-294, February.
    4. Duddy, Conal & Piggins, Ashley, 2020. "A foundation for Pareto optimality," Journal of Mathematical Economics, Elsevier, vol. 88(C), pages 25-30.
    5. Carson, Richard T., 1998. "Valuation of tropical rainforests: philosophical and practical issues in the use of contingent valuation," Ecological Economics, Elsevier, vol. 24(1), pages 15-29, January.
    6. M. Carmen Sánchez, 1998. "Rational choice on non-finite sets by means of expansion-contraction axioms," Theory and Decision, Springer, vol. 45(1), pages 1-17, August.
    7. Bandyopadhyay, Taradas & Sengupta, Kunal, 2003. "Intransitive indifference and rationalizability of choice functions on general domains," Mathematical Social Sciences, Elsevier, vol. 46(3), pages 311-326, December.

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