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Revealed independence requires that revealed preference satisfy the independence property from expected utility theory. This condition i s essentially the same as the quasi-linearity of the choice function, i.e., it is a linear operator on convex combinations of budget sets. The author...
Persistent link: https://www.econbiz.de/10005744150
This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti's Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the...
Persistent link: https://www.econbiz.de/10005596783
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