A canon of probabilistic rationality

Simone Cerreia-Vioglio, Per Olov Lindberg, Fabio Maccheroni, Massimo Marinacci and Aldo Rustichini

Journal of Economic Theory, 2021, vol. 196, issue C

Abstract: We prove that a random choice rule satisfies Luce's Choice Axiom if and only if its support is a choice correspondence that satisfies the Weak Axiom of Revealed Preference, thus it consists of alternatives that are optimal according to some preference, and then random choice occurs according to a tie-breaking mechanism among such alternatives that satisfies Renyi's Conditioning Axiom.

Keywords: Random choice; Weak axiom of revealed preferences; Choice axiom (search for similar items in EconPapers)
JEL-codes: C1 D1 D81 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: A Canon of Probabilistic Rationality (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:196:y:2021:i:c:s002205312100106x

DOI: 10.1016/j.jet.2021.105289

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