Aguiar, Victor H.; Hjertstrand, Per; Serrano, Roberto - 2020 - This version: February 2020
We offer a rationalization of the weak axiom of revealed preference (WARP) and of the weak generalized axiom of … revealed preference (WGARP) for both finite and infinite data sets of consumer choice. We call it maximin rationalization, in … which each pairwise choice is associated with a local utility function. We develop its associated revealed-preference theory …