List-rationalizable choice

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,: Department of Economics, Bilkent University
Authors registered in the RePEc Author Service: Kemal Yildiz

Theoretical Economics, 2016, vol. 11, issue 2

Abstract: A choice function is \textit{list rational(izable)}, if there is a fixed \textit{list} such that for each \textit{choice set}, successive comparison of the alternatives by following the \textit{list} retrieves the chosen alternative. We extend the formulation of list rationality to stochastic choice setup. We say two alternatives are related if the \textit{stochastic path independence condition} is violated between these alternatives. We show that a random choice function is list rational if and only if this relation is acyclic. Our characterization for deterministic choice functions follows as a corollary. By using this characterization, we relate list rationality to two-stage choice procedures.

Keywords: Rationalization; list; choice functions; random choice; path independence; acyclicity (search for similar items in EconPapers)
JEL-codes: D01 (search for similar items in EconPapers)
Date: 2016-05-18
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Citations: View citations in EconPapers (29)

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