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On the consistency and the decisiveness of the double-minded decision-maker

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  • Uyanık, Metin
  • Khan, M. Ali

Abstract

Under a continuity hypothesis on bi-preferences defined on a topologically-connected choice-set, as formalized by Giarlotta–Greco (2013), this letter reports that a mildly consistent, double-minded decision-maker is single-minded in the sense of being fully consistent and decisive. The results generalize recent work of Giarlotta–Watson (2019), and thereby provide a far-reaching generalization of a result of Schmeidler (1971) that has received considerable recent attention, and extend to mixture-sets of Herstein–Milnor (1953). They give another perspective on the authors’ work on the Eilenberg–Sonnenschein (ES) research program embracing both the topological and algebraic registers in choice theory.

Suggested Citation

  • Uyanık, Metin & Khan, M. Ali, 2019. "On the consistency and the decisiveness of the double-minded decision-maker," Economics Letters, Elsevier, vol. 185(C).
    • Handle: RePEc:eee:ecolet:v:185:y:2019:i:c:s0165176519303283
    DOI: 10.1016/j.econlet.2019.108657
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    References listed on IDEAS

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    7. Giarlotta, Alfio & Greco, Salvatore, 2013. "Necessary and possible preference structures," Journal of Mathematical Economics, Elsevier, vol. 49(2), pages 163-172.
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    14. Amartya K. Sen, 1967. "Isolation, Assurance and the Social Rate of Discount," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 81(1), pages 112-124.
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    Cited by:

    1. Aniruddha Ghosh & Mohammed Ali Khan & Metin Uyanik, 2022. "The Intermediate Value Theorem and Decision-Making in Psychology and Economics: An Expositional Consolidation," Games, MDPI, vol. 13(4), pages 1-24, July.
    2. M. Ali Khan & Metin Uyanik, 2021. "The Yannelis–Prabhakar theorem on upper semi-continuous selections in paracompact spaces: extensions and applications," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 799-840, April.
    3. Uyanik, Metin & Khan, M. Ali, 2022. "The continuity postulate in economic theory: A deconstruction and an integration," Journal of Mathematical Economics, Elsevier, vol. 101(C).

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    More about this item

    Keywords

    Completeness; Transitivity; Uni-preference; Bi-preference; Connectedness; Mixture-set;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • D00 - Microeconomics - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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