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| Author: | Bandyopadhyay, T. Sengupta, K. |
| Title: | Revealed preference axioms for rational choice |
| Journal: | Economic Journal
1991 : MAR, VOL. 101:405, p, 202-213 |
| Index terms: | CONSUMER BEHAVIOUR PRODUCT PREFERENCE CONSUMER CHOICE CHOICE THEORY RATIONALISATION |
| Language: | eng |
| Abstract: | The theory of consumer behaviour is concerned with the structure of choices of commodity bundles made by a rational consumer when he is confronted with prices and income. The rationality is a question that has been analyzed widely, and different conclusions were drawn. A brief survey of literature is presented. While revealed preference theory has focused on transitivity, certain weaker requirements have come to prominence in other branches of choice theory. The requirement as a necessary and sufficient condition for the axiom of quasi-transitive rationalization is shown. It can be weakened further by certain requirements, and it is shown that the weak axiom is a necessary and sufficient condition for acyclic rationalization of a choice function. |
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