External Norms and Rationality of Choice

Walter Bossert, Kotaro Suzumura, 興太郎 鈴村 and コウタロウ スズムラ

No 382, PIE/CIS Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Abstract: Ever since Sen (1993) criticized the notion of internal consistency of choice, there exists a widespread perception that the standard rationalizability approach to the theory of choice has difficulties in coping with the existence of external norms. We introduce a concept of norm-conditional rationalizability and show that external norms can be made compatible with the methods underlying the rationalizability approach. This claim is substantiated by characterizing norm-conditional rationalizability by means of suitably modified revealed preference axioms in the theory of rational choice on general domains due to Richter (1966; 1971) and Hansson (1968).

JEL-codes: D11 D71 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2008-07
Note: This version: June 29, 2008
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/15849/pie_dp382.pdf

Related works:
Journal Article: EXTERNAL NORMS AND RATIONALITY OF CHOICE (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:piecis:382

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