Toward a unified theory of weakly rational choice
type: Item
instance of: scholarly article
title: Toward a unified theory of weakly rational choice
zbMATH Open document ID: 0802.90006
author: Stephen A. Clark
published in: Journal of Mathematical Psychology
publication date: 1994-12-12T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B14
zbMATH DE Number: 554104
zbMATH Keywords: weakly rational choice
zbMATH Keywords: revealed preference
zbMATH Keywords: weak rationality
zbMATH Keywords: choice correspondence
MaRDI profile type: Publication
full work available at URL: jmps.1994.1004
OpenAlex ID: W2094203193
DOI: 10.1006/JMPS.1994.1004
description: scientific article; zbMATH DE number 554104