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Rationalizing Path-Independent Choice Rules

Author

Listed:
  • Koji Yokote
  • Isa E. Hafalir
  • Fuhito Kojima
  • M. Bumin Yenmez

Abstract

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.

Suggested Citation

  • Koji Yokote & Isa E. Hafalir & Fuhito Kojima & M. Bumin Yenmez, 2023. "Rationalizing Path-Independent Choice Rules," Papers 2303.00892, arXiv.org, revised May 2024.
    • Handle: RePEc:arx:papers:2303.00892
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    References listed on IDEAS

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