Journal Article

No. 2012-31 | August 21, 2012
On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms PDF Icon

Abstract

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in the literature rest upon the ability to choose over budget sets that contain only 2 or 3 elements. This paper shows that for any given choice function, many of the famous consistency requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if every bundle of goods is chosen from some budget sets, and the domain of the choice function satisfies some set of theoretical properties.

JEL Classification

D01 D11

Citation

Junnan He (2012). On the Necessity of Pairs and Triplets for the Equivalence between Rationality Axioms. Economics: The Open-Access, Open-Assessment E-Journal, 6 (2012-31): 1—15. http://dx.doi.org/10.5018/economics-ejournal.ja.2012-31

Assessment

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