What kind of preference maximization does the weak axiom of revealed preference characterize? |
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Authors: | Marco Mariotti |
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Institution: | (1) Department of Economics, Queen Mary, University of London, Mile End Road, London, E1 4NS, UK |
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Abstract: | A (multivalued) choice is justified if no two chosen alternatives are preferred to each other, and if all chosen alternatives are preferred to all rejected alternatives.
This concept permits a connection between the behavioral property expressed by WARP and a weak form of preference maximization.
I am grateful to Michele Lombardi, Michael Mandler, Paola Manzini and an anonymous referee for useful discussions and comments. |
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Keywords: | Weak axiom of revealed preference Congruence |
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