Ranking opportunity sets, indirect utility and indifferences

Tom Pottoms and Luc Lauwers

Working Papers of Department of Economics, Leuven from KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven

Abstract: We characterize a new quasi-ordering on the collection of opportunity (or choice) sets. This new rule combines two criteria: the individual preferences on the universal set of options and the number of maximal options in the opportunity set. This new rule is compared with the indirect utility approach, and is further refined towards the leximax rule defined by Bossert, Pattanaik, and Xu (Journal of Economic Theory, 63, 1994).

Date: 2012-09
New Economics Papers: this item is included in nep-mic and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:ete:ceswps:ces12.13

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