Rational stability of choice functions.
In: International Journal of Economic Theory, Jg. 19 (2023-09-01), Heft 3, S. 580-598
Online
academicJournal
Zugriff:
Two independent approaches have been used to analyze choices. A prominent notion is rationalizability: individuals choose maximizing binary relations. An alternative is to analyze choices in terms of standards of behavior with the notion of von Neumann–Morgenstern (vNM)‐stability. We introduce a new concept (r‐ $r \mbox{-} $stability) that in turn extends the notion of stability and rationality. Our main result establishes that every rationalizable choice function is r‐ $r \mbox{-} $stable and every vNM‐stable choice has an r‐ $r \mbox{-} $stable selection. An appealing property of r‐ $r \mbox{-} $stability is that well‐known solution concepts (top cycle, uncovered set, ...) are r‐ $r \mbox{-} $stable, while they are neither rationalizable nor vNM‐stable. [ABSTRACT FROM AUTHOR]
Copyright of International Journal of Economic Theory is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Titel: |
Rational stability of choice functions.
|
---|---|
Autor/in / Beteiligte Person: | Peris, Josep E. ; Subiza, Begoña |
Link: | |
Zeitschrift: | International Journal of Economic Theory, Jg. 19 (2023-09-01), Heft 3, S. 580-598 |
Veröffentlichung: | 2023 |
Medientyp: | academicJournal |
ISSN: | 1742-7355 (print) |
DOI: | 10.1111/ijet.12369 |
Schlagwort: |
|
Sonstiges: |
|