Disentangling revealed preference from rationalization by a preference

DOI10.1016/J.ECONLET.2023.111514MaRDI QIDQ6194450zbMATH OpenOpenAlexFDO

Authors Pablo Schenone

Publication date 19 March 2024

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/2306.11923

zbMATH Keywords

choice correspondencerationalizationrevealed preferenceweak axiom

Mathematics Subject Classification ID

Individual preferences (91B08)

Abstract: The weak axiom of revealed preference (WARP) ensures that the revealed preference (i) is a preference relation (i.e., it is complete and transitive) and (ii) rationalizes the choices. However, when WARP fails, either one of these two properties is violated, but it is unclear which one it is. We provide an alternative characterization of WARP by showing that WARP is equivalent to the conjunction of two axioms each of which separately guarantees (i) and (ii).

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Cites work

• Beyond revealed preference: choice-theoretic foundations for behavioral welfare economics
• Choice Functions and Revealed Preference
• scientific article; zbMATH DE number 6009887 (Why is no real title available?)
• scientific article; zbMATH DE number 3436873 (Why is no real title available?)
• Revealed Preference Theory

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