Characterization of a second-best rationalizable choice function with full domain

Taposik Banerjee

Research in Economics, 2022, vol. 76, issue 1, 58-61

Abstract: The idea of equating the concept of ‘rationality’ with that of the ‘choice of best elements’ unnecessarily limits the sense and scope of ‘rationality’. The existing internal consistency conditions that are popularly used in the social choice theory to assess a choice function are insufficient to analyze several non-standard choice patterns. This paper makes a modest effort to address this limitation. The paper accepts a broader definition of rationality and characterizes choice behaviors where an individual chooses a second best element when available and chooses a best element only when a second best is not available.

Keywords: Rationalization; Consistency; Rationality; Choice function (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reecon:v:76:y:2022:i:1:p:58-61

DOI: 10.1016/j.rie.2021.11.002

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