Rational Choice: The Case of Path Dependent Procedures

Taradas Bandyopadhyay and Kunal Sengupta ()

No 12, Royal Economic Society Annual Conference 2003 from Royal Economic Society

Abstract: Describing a procedure in which choice proceeds in a sequence, we propose two alternatives ways of resolving the decision problem whenever the outcome is sequence-sensitive. One way yields a rationalizable choice set, and the other way produces a weakly rationalizable choice set that is equivalent to von Neumann-Morgenstern's stable set. It is shown that for quasi-transitive rationalization, the maximal set must coincide with its stable set.

Keywords: choice function; rational choice; stable set. (search for similar items in EconPapers)
JEL-codes: D11 (search for similar items in EconPapers)
Date: 2003-06-04
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