Social choice theory critically assesses and rationally designs economic mechanisms for improving human well-being. Kotaro Suzumura—one of the world’s foremost thinkers in social choice theory and welfare economics—fuses abstract ideas with real-world economies to examine foundational...

In this paper we fully characterize an individual's choice behaviour according to three different so-called external references. The first system which we describe axiomatically is standard utility maximization or preference optimization. The second approach characterizes the choice of the...

The standard theory of rational choice in economics considers an agent's choices to be rational if and only if the agent makes her choices in different choice situations on the basis of a fixed preference ordering defined over the set of all possible options. This implies that a rational agent's...