Toward a unified theory of weakly rational choice
In weakly rational choice, the choice set need only be a subset of the optimal choices. This paper considers revealed preference based on weak rationality. Let \(\langle Q| P\rangle\) denote that \(xQy\) implies not \(yPx\), where \(Q\) and \(P\) are binary relations. This notation allows for very precise expression of axioms. Suppose that \(W\) is an indirectly revealed strict preference relation, and \(V\), a corresponding weak preference relation. Then the Generalized Weak Axiom of Revealed Preference (GWARP) is simply \(\langle V\cup W| W\rangle\). Indeed, a choice correspondence is weakly rational if and only if it satisfies GWARP. Analogous results are given for weak transitive-rationality and weak quasi-transitive-rationality.
- Bounded versus unbounded rationality: The tyranny of the weak
- Characterization of generalized weak orders and revealed preference
- Note on generated choice and axioms of revealed preference
- WARP and combinatorial choice
- Weakened WARP and top-cycle choice rules
- The satisfiability problem for Boolean set theory with a choice correspondence
- Disentangling revealed preference from rationalization by a preference
- What kind of preference maximization does the weak axiom of revealed non-inferiority characterize?
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