Axiomatic Analysis of Choosing the Second Best

S Lahiri

Studies in Economics and Econometrics, 2002, vol. 26, issue 2, 37-50

Abstract: Three new axiomatic characterizations of the decision rule which invariably selects the second best alternative are provided. Subsequently it is shown that apparently non-optimal decisions can always be rationalized by embedding the set of alternatives in an augmented space.

Date: 2002
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DOI: 10.1080/10800379.2002.12106330

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