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Transitivity and dominance: normative and empirical position of two cornerstones of economic models of decision-making

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  • Michal Skořepa

Abstract

Transitivity and dominance are key concepts built deep into the fundaments of most economic models of decision-making. One of the arguments in favour of using the two concepts is that they are normative, i.e., symptomatic of perfect, rational decision-making. This paper describes several specific axioms stemming from these concepts and appearing in axiomatic models of decision-making, gives possible arguments speaking for or against the normativeness of a given concept and adds examples of empirically observed violations of the concept by human decision-making. In the conclusion, it offers an assessment of whether the use of transitivity and dominance in economic models of decision-making is justified or not.

Suggested Citation

  • Michal Skořepa, 2007. "Transitivity and dominance: normative and empirical position of two cornerstones of economic models of decision-making," Politická ekonomie, Prague University of Economics and Business, vol. 2007(3).
    • Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:606
    DOI: 10.18267/j.polek.606
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    Keywords

    transitivity; stochastic transitivity; dominance; stochastic dominance; axioms; lexicographic semiorder; Condorcet paradox;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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