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Stability versus rationality in choice functions


  • Subiza, Begoña

    () (Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica)

  • Peris, Josep E.

    () (Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica)


If we analyze the notion of stability (von Neumann and Morgenstern, 1944) it seems a desirable property to be fulfilled by any choice function. Paradoxically, the usual Condorcet choice functions (maximal set, top cycle, uncovered set, minimal covering, ...) are not stable in the VNM sense. In this study, we show the relationship between stability and rational choice functions, and propose an alternative notion of stability (wich we call c-stability) that solves this incompatibility problem. This new notion is closely related to the admissible set defined in Kalai and Schmeidler (1977).

Suggested Citation

  • Subiza, Begoña & Peris, Josep E., 2012. "Stability versus rationality in choice functions," QM&ET Working Papers 12-5, University of Alicante, D. Quantitative Methods and Economic Theory.
  • Handle: RePEc:ris:qmetal:2012_005

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    References listed on IDEAS

    1. Robert Delver & Herman Monsuur, 2001. "Stable sets and standards of behaviour," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 18(3), pages 555-570.
    2. Begoña Subiza & Josep Peris, 2005. "Strong maximals: Elements with maximal score in partial orders," Spanish Economic Review, Springer;Spanish Economic Association, vol. 7(2), pages 157-166, June.
    3. Peris, Josep E. & Subiza, Begona, 1994. "Maximal elements of not necessarily acyclic binary relations," Economics Letters, Elsevier, vol. 44(4), pages 385-388, April.
    4. Kalai, Ehud & Schmeidler, David, 1977. "An admissible set occurring in various bargaining situations," Journal of Economic Theory, Elsevier, vol. 14(2), pages 402-411, April.
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    More about this item


    stable set; admissible set; Condorcet choice function;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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