Rationalizing Path-Independent Choice Rules

Koji Yokote, Isa E. Hafalir, Fuhito Kojima and M. Bumin Yenmez

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Abstract: Path independence is arguably one of the most important choice rule properties in economic theory. We show that a choice rule is path independent if and only if it is rationalizable by a utility function satisfying ordinal concavity, a concept closely related to concavity notions in discrete mathematics. We also provide a rationalization result for choice rules that satisfy path independence and the law of aggregate demand.

Date: 2023-03, Revised 2024-05
New Economics Papers: this item is included in nep-dcm, nep-des, nep-mic and nep-upt
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