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We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes...
Persistent link: https://www.econbiz.de/10005370869
We analyze the rationalizability of variable-population social-choice functions in a welfarist framework. It is shown that fixed-population rationalizability and a weakening of congruence together are necessary and sufficient for rational choice, given a plausible dominance property that...
Persistent link: https://www.econbiz.de/10005370982
We provide a characterization of selection correspondences in two-person exchange economies that can be core rationalized in the sense that there exists a preference profile with some standard properties that generates the observed choices as the set of core elements of the economy for any given...
Persistent link: https://www.econbiz.de/10005155425
Persistent link: https://www.econbiz.de/10004976692
In this note, it is shown that a result due to Uzawa showing that the weak axiom of revealed preference together with a regularity condition implies the strong axiom of revealed preference can be derived from the regularity condition alone, if the choice function is continuous in prices and in...
Persistent link: https://www.econbiz.de/10005753439
Persistent link: https://www.econbiz.de/10008624681