Aguiar, Victor H.; Hjertstrand, Per; Serrano, Roberto - 2019 - This version: June 2019
We offer a rationalization of the weak axiom of revealed preference (WARP) and of the weak generalized axiom of … revealed preference (WGARP) for both finite and infinite data sets of consumer choice. We call it maximin rationalization, in … which each pairwise choice is associated with a "local" utility function. We develop its associated weak revealed-preference …