IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

Rationality, external norms, and the epistemic value of menus

  • Walter Bossert

    ()

  • Kotaro Suzumura

    ()

Ever since Sen’s (1993, 1997) criticism on the notion of internal consistency or menu independence of choice, there exists a widespread perception that the standard revealed preference approach to the theory of rational choice has difficulties in coping with the existence of external norms, or the information a menu of choice might convey to a decision-maker, viz., the epistemic value of a menu. This paper provides a brief survey of possible responses to these criticisms of traditional rational choice theory. It is shown that a novel concept of norm-conditional rationalizability can neatly accommodate external norms within the standard framework of rationalizability theory. Furthermore, we illustrate that there are several ways of incorporating considerations regarding the epistemic value of opportunity sets into a generalized model of rational choice theory.

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://hdl.handle.net/10.1007/s00355-011-0568-8
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Springer & The Society for Social Choice and Welfare in its journal Social Choice and Welfare.

Volume (Year): 37 (2011)
Issue (Month): 4 (October)
Pages: 729-741

as
in new window

Handle: RePEc:spr:sochwe:v:37:y:2011:i:4:p:729-741
DOI: 10.1007/s00355-011-0568-8
Contact details of provider: Web page: http://www.springer.com

Web page: http://www.unicaen.fr/recherche/mrsh/scw/

More information through EDIRC

Order Information: Web: http://www.springer.com/economics/economic+theory/journal/355

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Sen, A., 1996. "Maximisation and the Act of Choice," Papers 270, Banca Italia - Servizio di Studi.
  2. Kotaro Suzumura, 1976. "Rational Choice and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 149-158.
  3. Elisabeth Naeve-Steinweg & Jörg Naeve, 2002. "Lexicographic measurement of the information contained in opportunity sets," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 19(1), pages 155-173.
  4. Bossert, Walter, 1989. "On the extension of preferences over a set to the power set: An axiomatic characterization of a quasi-ordering," Journal of Economic Theory, Elsevier, vol. 49(1), pages 84-92, October.
  5. BARBERA, Salvador & BOSSERT, Walter & PATTANAIK, Prasanta K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Universite de Montreal, Departement de sciences economiques.
  6. Nick Baigent & Wulf Gaertner, 1996. "Never choose the uniquely largest A Characterization," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 239-249.
  7. Bossert, W. & Sprumont, Y. & Suzumura, K., 2001. "Rationalizability of Choice Functions on General Domains without Full Transitivity," Cahiers de recherche 2001-13, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  8. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2002. "Consistent Rationalizability," Discussion Paper 82, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  9. Wulf Gaertner & Yongsheng Xu, 1999. "On the structure of choice under different external references," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(3), pages 609-620.
  10. Fishburn, Peter C., 1984. "Comment on the Kannai-Peleg impossibility theorem for extending orders," Journal of Economic Theory, Elsevier, vol. 32(1), pages 176-179, February.
  11. Nitzan, Shmuel I. & Pattanaik, Prasanta K., 1984. "Median-based extensions of an ordering over a set to the power set: An axiomatic characterization," Journal of Economic Theory, Elsevier, vol. 34(2), pages 252-261, December.
  12. Suzumura, Kataro, 1976. "Remarks on the Theory of Collective Choice," Economica, London School of Economics and Political Science, vol. 43(172), pages 381-90, November.
  13. Barbera, Salvador & Pattanaik, Prasanta K., 1984. "Extending an order on a Set to the power set: Some remarks on Kannai and Peleg's approach," Journal of Economic Theory, Elsevier, vol. 32(1), pages 185-191, February.
  14. Wulf Gaertner & Yongsheng Xu, 2004. "Procedural choice," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(2), pages 335-349, August.
  15. Barbera, S. & Barrett, C. R. & Pattanaik, Prasanta K., 1984. "On some axioms for ranking sets of alternatives," Journal of Economic Theory, Elsevier, vol. 33(2), pages 301-308, August.
  16. BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2002. "Maximal-Element Rationalizability," Cahiers de recherche 2002-16, Universite de Montreal, Departement de sciences economiques.
  17. Kannai, Yakar & Peleg, Bezalel, 1984. "A note on the extension of an order on a set to the power set," Journal of Economic Theory, Elsevier, vol. 32(1), pages 172-175, February.
  18. Bandyopadhyay, Taradas, 1988. "Extension of an order on a set to the power set: some further observations," Mathematical Social Sciences, Elsevier, vol. 15(1), pages 81-85, February.
  19. Gaertner, Wulf & Xu, Yongsheng, 1997. "Optimization and external reference; a comparison of three axiomatic systems," Economics Letters, Elsevier, vol. 57(1), pages 57-62, November.
  20. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
  21. Holzman, Ron, 1984. "An extension of Fishburn's theorem on extending orders," Journal of Economic Theory, Elsevier, vol. 32(1), pages 192-196, February.
  22. Wulf Gaertner & Yongsheng Xu, 1999. "On rationalizability of choice functions: A characterization of the median," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 16(4), pages 629-638.
  23. Bossert, Walter, 2000. "Opportunity sets and uncertain consequences1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 475-496, May.
  24. Kreps, David M, 1979. "A Representation Theorem for "Preference for Flexibility"," Econometrica, Econometric Society, vol. 47(3), pages 565-77, May.
  25. Prasanta K. Pattanaik & Yongsheng Xu & Walter Bossert, 2000. "Choice under complete uncertainty: axiomatic characterizations of some decision rules," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(2), pages 295-312.
  26. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:37:y:2011:i:4:p:729-741. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)

or (Rebekah McClure)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.