External Norms and Rationality of Choice
Ever since Sen (1993) criticized the notion of internal consistency of choice, there exists a widespread perception that the standard rationalizability approach to the theory of choice has difficulties in coping with the existence of external norms. We introduce a concept of norm-conditional rationalizability and show that external norms can be made compatible with the methods underlying the rationalizability approach. This claim is substantiated by characterizing norm-conditional rationalizability by means of suitably modified revealed preference axioms in the theory of rational choice on general domains due to Richter (1966; 1971) and Hansson (1968).
|Date of creation:||Jul 2008|
|Note:||This version: June 29, 2008|
|Contact details of provider:|| Postal: 2-1 Naka, Kunitachi City, Tokyo 186-8603|
Web page: http://cis.ier.hit-u.ac.jp/
More information through EDIRC