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Let X be a compact, or path-connected, metric space whose topological dimension is at least 2. We show that there does not exist a continuous choice function (i.e., single-valued choice correspondence) defined on the collection of all finite feasible sets in X. Not to be void of content,...
Persistent link: https://www.econbiz.de/10010930787
On analyzing the problem that arises whenever the set of maximal elements is large, and aselection is then required (see Peris and Subiza, 1998), we realize that logical ways of selectingamong maximals violate the classical notion and axioms of rationality. We arrive at the sameconclusion if we...
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A choice function is \textit{list rational(izable)}, if there is a fixed \textit{list} such that for each \textit{choice set}, successive comparison of the alternatives by following the \textit{list} retrieves the chosen alternative. We extend the formulation of list rationality to stochastic...
Persistent link: https://www.econbiz.de/10011672005
Axiom of Revealed Preference (GARP), and thus the preference or utility maximization hypothesis. We construct an algorithm …
Persistent link: https://www.econbiz.de/10005256670
The purpose of this paper is twofold. We first point out that violation of rationality axioms (SARP, GARP, WARP) do not … necessarily lead to a non-rational behavior. Second, our tests of axioms SARP, GARP and WARP over a Polish panel data (1987 …
Persistent link: https://www.econbiz.de/10009643767
We identify a natural counterpart of the standard GARP for demand data in which goods are all indivisible. We show that … standard GARP still applies. …
Persistent link: https://www.econbiz.de/10010212659