Maximal Elements Under Reference-Dependent Preferences with Applications to Behavioral Traps and Games

Fabián Flores-Bazán (), Dinh The Luc and Antoine Soubeyran
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Fabián Flores-Bazán: University of Concepcion
Dinh The Luc: University of Avignon

Journal of Optimization Theory and Applications, 2012, vol. 155, issue 3, No 8, 883-901

Abstract: Abstract We study reference-dependent preference relations defined by a real-valued bivariate function and prove an existence criterion for maximal elements. Then we formulate a generalized version of the well-known Brondsted maximum principle and apply it to behavioral traps and Nash equilibrium in games with preference relations that are not necessarily partial orders.

Keywords: Maximal element; Worthwhile to-change function; Behavioral traps; Nash equilibrium; Maximum principle (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10957-012-0100-z

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