Arrow Index of Fuzzy Choice Function

Irina Georgescu

No 930, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research

Abstract: The Arrow index of a fuzzy choice function C is a measure of the degree to which C satisfies the Fuzzy Arrow Axiom, a fuzzy version of the classical Arrow Axiom. The main result of this paper shows that A(C) characterizes the degree to which C is full rational. We also obtain a method for computing A(C). The Arrow index allows to rank the fuzzy choice functions with respect to their rationality. Thus, if for solving a decision problem several fuzzy choice functions are proposed, by the Arrow index the most rational one will be chosen.

Keywords: Fuzzy choice function; revealed preference indicator; congruence indicator; similarity (search for similar items in EconPapers)
Pages: 19 p.
Date: 2009
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