We present a general revealed preference theorem concerning stochastic choice behavior by consumers. We show that, when the consumer spends her entire wealth, the Weak Axiom of Stochastic Revealed Preference due to Bandyopadhyay, Dasgupta, and Pattanaik (1999) is equivalent to a restriction on...

Non-positivity of the generalized substitution effect, non-positivity of the own-price substitution effect, homogeneity of degree zero in all prices and income, and the law of demand are some of the most primitive comparative static results in the standard revealed preference theory of...

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...

(Originally published in Journal of Mathematical Economics (1994) 23(5): 435-450) - This paper proposes a method of establishing the global univalence of a mapping without the assumption of continuity and the absence of points of inflection. When the functions are not continuous and the points...

This paper provides a simple axiomatic foundation of rational choice when the indifference relation is not necessarily transitive. Utilizing a notion of revealed preference relation, which says that an alternative x is revealed preferred to an alternative y whenever x is chosen while y is...