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1999•Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)Open access

A complementary approach to transitive rationalizability

Gyula Magyarkuti

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Abstract

In this article, we study the axiomatic foundations of revealed preference\ntheory. We define two revealed relations from the weak and strong revealed\npreference. The alternative x is preferred to y with respect to U if \nx, being available in an admissible set implies, the rejecting of y; and x is preferred to y with respect to Q if the rejecting of x implies the\nrejecting of y.\nThe purpose of the paper is to show that the strong axiom of revealed\npreference and Hansson's axiom of revealed preference can be given with\nthe help of U and Q and their extension properties.

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In this article, we study the axiomatic foundations of revealed preference\ntheory. We define two revealed relations from the weak and strong revealed\npreference. The alternative x is preferred to y with respect to U if \nx, being available in an admissible set implies, the rejecting of y; and x is preferred to y with respect to Q if the rejecting of x implies the\nrejecting of y.\nThe purpose of the paper is to show that the strong axiom of revealed\npreference and Hansson's axiom of revealed preference can be given with\nthe help of U and Q and their extension properties.

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Available abstract

In this article, we study the axiomatic foundations of revealed preference\ntheory. We define two revealed relations from the weak and strong revealed\npreference. The alternative x is preferred to y with respect to U if \nx, being available in an admissible set implies, the rejecting of y; and x is preferred to y with respect to Q if the rejecting of x implies the\nrejecting of y.\nThe purpose of the paper is to show that the strong axiom of revealed\npreference and Hansson's axiom of revealed preference can be given with\nthe help of U and Q and their extension properties.

Key concepts: Axiom, Transitive relation, Rationalizability, Revealed preference, Preference, Extension (predicate logic), Mathematical economics, Mathematics

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