How Strong Is The Weak Axiom?

Peter Caradonna ()

Working Papers from Georgetown University, Department of Economics

Abstract: We characterize those abstract choice problems for which the satisfaction of the weak axiom of revealed preference su ces for the strong rationalizability of any choice correspondence. Roughly, this requires that all circuits on a certain graph de ned from the budget collection of the choice problem are able to be broken in an intuitive way. The condition is non-monotone, and is satis ed by both very small and very large budget collections. We additionally provide a notion of local integrability for an abstract choice correspondence, and prove an ordinal variant of the Hurwicz-Uzawa integrability theorem. We fully characterize how complete the domain of a choice correspondence must be for the weak axiom and local integrability to jointly guarantee strong rationalizability.

Keywords: Revealed Preference; Choice Theory; Integrability; Rationalizability; Experiments (search for similar items in EconPapers)
Pages: 36
Date: 2018-12-20
New Economics Papers: this item is included in nep-mic
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Persistent link: https://EconPapers.repec.org/RePEc:geo:guwopa:gueconwpa~18-18-22

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