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A refinement of prudent choices

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  • Houy, Nicolas

Abstract

We characterize choice correspondences that can be rationalized by a procedure that is a refinement of the prudent choices exposed in (Houy, 2010). Our characterization is made by means of the usual expansion axiom [gamma] and a weakening of the usual contraction axiom [alpha]. We also make a link with traditional rationality.

Suggested Citation

  • Houy, Nicolas, 2011. "A refinement of prudent choices," Mathematical Social Sciences, Elsevier, vol. 61(3), pages 166-169, May.
  • Handle: RePEc:eee:matsoc:v:61:y:2011:i:3:p:166-169
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    References listed on IDEAS

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    1. Houy, Nicolas & Tadenuma, Koichi, 2007. "Lexicographic Compositions of Two Criteria for Decision Making," Discussion Papers 2007-08, Graduate School of Economics, Hitotsubashi University.
    2. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    3. Nicolas Houy, 2010. "A characterization of prudent choices," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 34(2), pages 181-192, February.
    4. Houy Nicolas, 2007. "Rationality and Order-Dependent Sequential Rationality," Theory and Decision, Springer, vol. 62(2), pages 119-134, March.
    5. Koichi Tadenuma, 2005. "Egalitarian-equivalence and the Pareto principle for social preferences," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 24(3), pages 455-473, June.
    6. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
    7. Tadenuma, Koichi, 2002. "Efficiency First or Equity First? Two Principles and Rationality of Social Choice," Journal of Economic Theory, Elsevier, vol. 104(2), pages 462-472, June.
    8. Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
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