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A generalized unification theorem for choice theoretic foundations: Avoiding the necessity of pairs and triplets

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  • He, Junnan

Abstract

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in literature rest upon the ability to choose over budget sets that contains only 2 or 3 elements, the situations which are not observable in real life. In order to give a more realistic approach, this paper shows that many of the famous consistency requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if the domain of choice functions satisfy some set theoretical properties. And these properties, unions and inclusions for example, are proposed in a way that gives observability.

Suggested Citation

  • He, Junnan, 2012. "A generalized unification theorem for choice theoretic foundations: Avoiding the necessity of pairs and triplets," Economics Discussion Papers 2012-23, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201223
    as

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    References listed on IDEAS

    as
    1. Taradas Bandyopadhyay, 1988. "Revealed Preference Theory, Ordering and the Axiom of Sequential Path Independence," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 55(2), pages 343-351.
    2. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(3), pages 307-317.
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    More about this item

    Keywords

    Revealed preference theory; rationality; preference; choice functions;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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