Revealed preference and demand correspondences |
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| Affiliation: | 1. Recreation Management and Policy, 193 Hewitt Hall, University of New Hampshire, Durham, NH 03823, USA;2. Politics and International Relations, 22 George Square, Room B.2, University of Edinburgh, Edinburgh, Scotland EH8 9LF, United Kingdom;3. Recreation Management and Policy, 306 Hewitt Hall, University of New Hampshire, Durham, NH, USA;4. Marine Affairs, 209 Coastal Institute Building, University of Rhode Island, Kingston, RI 02881, USA;5. Marine Science and Policy, 221 Academy Street, University of Delaware, Newark, DE 19716, USA;6. Recreation Management and Policy, 193 Hewitt Hall, University of New Hampshire, Durham, NH, USA;7. Natural Resources and the Environment, 168 James Hall, University of New Hampshire, Durham, NH 03824, USA;1. School of Economics, Shanghai University of Finance and Economics, Shanghai, 200433, China;2. Key Laboratory of Mathematical Economics (SUFE), Ministry of Education, Shanghai 200433, China;3. Hangzhou Industrial and Commercial Trust, Hangzhou, 310020, China |
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| Abstract: | A demand correspondence with a closed-valued inverse can be rationalized by some preference relation if and only if it is homogeneous of degree zero, has the Nash-Chernoff independence property, and its inverse is convex valued. The proof is constructive and the derived preference rationalization is continuous if the demand correspondence has a closed graph. |
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