Rational Choice: The Case of Path Dependent Procedures

Describing a procedure in which choice proceeds in a sequence, we propose two alternatives ways of resolving the decision problem whenever the outcome is sequence-sensitive. One way yields a rationalizable choice set, and the other way produces a weakly rationalizable choice set that is equivalent to von Neumann-Morgenstern's stable set. It is shown that for quasi-transitive rationalization, the maximal set must coincide with its stable set.

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Year of publication:	2003-06-04
Authors:	Bandyopadhyay, Taradas ; Sengupta, Kunal
Institutions:	Royal Economic Society - RES
Subject:	choice function \| rational choice \| stable set

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Series:	Royal Economic Society Annual Conference 2003.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series Royal Economic Society Annual Conference, 2003 Number 12
Classification:	D11 - Consumer Economics: Theory
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005398568