Rationalizing Path-Independent Choice Rules

• Tác giả: Isa E Hafalir, Fuhito Kojima, M. Bumin Yenmez, Koji Yokote
• Ngôn ngữ: eng
• Ký hiệu phân loại: 128.33 Reason and rationality
• Thông tin xuất bản: 2023
• Bộ sưu tập: Metadata
• ID: 196528

Tóm tắt

Path independence is arguably one of the most important choice rule properties in economic theory. We show that a choice rule is path independent if and only if it is rationalizable by a utility function satisfying ordinal concavity, a concept closely related to concavity notions in discrete mathematics. We also provide a rationalization result for choice rules that satisfy path independence and the law of aggregate demand.