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On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms

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  • He, Junnan

Abstract

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in the literature rest upon the ability to choose over budget sets that contain only 2 or 3 elements. This paper shows that for any given choice function, many of the famous consistency requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if every bundle of goods is chosen from some budget sets, and the domain of the choice function satisfies some set of theoretical properties.

Suggested Citation

  • He, Junnan, 2012. "On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 6, pages 1-15.
  • Handle: RePEc:zbw:ifweej:201231
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    File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2012-31
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    File URL: https://www.econstor.eu/bitstream/10419/62008/1/722306709.pdf
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    References listed on IDEAS

    as
    1. Taradas Bandyopadhyay, 1988. "Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence," Review of Economic Studies, Oxford University Press, vol. 55(2), pages 343-351.
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    More about this item

    Keywords

    revealed preference theory; rationality; preference; choice functions;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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