A refinement of prudent choices
We characterize choice correspondences that can be rationalized by a procedure that is a refinement of the prudent choices exposed inÂ (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.
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- Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
- Tadenuma, Koichi, 2002.
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- Tadenuma, Koichi, 2002. "Egalitarian-Equivalence and the Pareto Principle for Social Preferences," Discussion Paper 128, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- Houy, Nicolas & Tadenuma, Koichi, 2007. "Lexicographic Compositions of Two Criteria for Decision Making," Discussion Papers 2007-08, Graduate School of Economics, Hitotsubashi University.
- Tadenuma, Koichi, 2002.
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Elsevier, vol. 104(2), pages 462-472, June.
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- Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
- Houy Nicolas, 2007. "Rationality and Order-Dependent Sequential Rationality," Theory and Decision, Springer, vol. 62(2), pages 119-134, March.
- Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
- Nicolas Houy, 2010. "A characterization of prudent choices," Social Choice and Welfare, Springer, vol. 34(2), pages 181-192, February.
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