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How Strong Is The Weak Axiom?

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Abstract

We characterize those abstract choice problems for which the satisfaction of the weak axiom of revealed preference su ces for the strong rationalizability of any choice correspondence. Roughly, this requires that all circuits on a certain graph de ned from the budget collection of the choice problem are able to be broken in an intuitive way. The condition is non-monotone, and is satis ed by both very small and very large budget collections. We additionally provide a notion of local integrability for an abstract choice correspondence, and prove an ordinal variant of the Hurwicz-Uzawa integrability theorem. We fully characterize how complete the domain of a choice correspondence must be for the weak axiom and local integrability to jointly guarantee strong rationalizability.

Suggested Citation

  • Peter Caradonna, 2018. "How Strong Is The Weak Axiom?," Working Papers gueconwpa~18-18-22, Georgetown University, Department of Economics.
    • Handle: RePEc:geo:guwopa:gueconwpa~18-18-22
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    Cited by:

    1. Victor H. Aguiar & Per Hjertstrand & Roberto Serrano, 2020. "Rationalizable Incentives: Interim Implementation of Sets in Rationalizable Strategies," Working Papers 2020-16, Brown University, Department of Economics.
    2. Aguiar, Victor H. & Hjertstrand, Per & Serrano, Roberto, 2020. "A Rationalization of the Weak Axiom of Revealed Preference," Working Paper Series 1321, Research Institute of Industrial Economics.

    More about this item

    Keywords

    Revealed Preference; Choice Theory; Integrability; Rationalizability; Experiments;
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