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The Tree that Hides the Forest: A Note on Revealed Preference

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Abstract

The common interpretation given to choice behavior that satisfies the traditional revealed preference axioms is that it results from the maximization of a single preference. We show that choice data alone does not enable one to rule out the possibility that the choice behavior that satisfies the revealed preference axioms is instead the result of the aggregation of a collection of distinct preferences. In particular, we show that any ordering is observationally equivalent to a majoritarian aggregation of a collection of distinct dichotomous orderings. We also show that any ordering is observationally equivalent to a Borda’s aggregation of a collection of distinct linear orderings.

Suggested Citation

  • João V. Ferreira, 2016. "The Tree that Hides the Forest: A Note on Revealed Preference," AMSE Working Papers 1639, Aix-Marseille School of Economics, France.
    • Handle: RePEc:aim:wpaimx:1639
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    File URL: http://www.amse-aixmarseille.fr/sites/default/files/_dt/2012/wp_2016_-_nr_39.pdf
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    More about this item

    Keywords

    Revealed preference theory; Rationalization; Dichotomous preferences; Aggregation rules; Choice data;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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