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Date
1 mars 2023
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- 2303.00892
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Economics - Theoretical EconomicsSujets proches
Economic theory Political economyCiter ce document
Koji Yokote et al., « Rationalizing Path-Independent Choice Rules », arXiv - économie
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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.