Preference for flexibility in a savage framework
Article Abstract:
A study was conducted to compare the expected indirect utility maximization in situations when the agents are unaware of the opportunities that they are going to face and when they know about the outcome. An axiom called 'Indirect Stochastic Dominance' was proposed, which expresses that having more opportunities in expectation is better. The axiom strengthens the theory that preference sets exhibit more flexibility than opportunity sets, and thus, preferred by most individuals when they make their decisions.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1999
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Internal consistency of choice
Article Abstract:
An analysis of the notion concerning the internal consistency of choice is presented. The consistency notion has been a vital aspect of theories including demand, socialchoice, decision, behavioral economics and other related subjects. It is shown that the notion requires the support of an external variable which complements choice behavior to be consistent and acceptable. The analysis is applied to theArrow's General Possibility Theorem.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1993
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Maximization and the act of choice
Article Abstract:
A maximization framework analyzes the role of choice act in maximizing behavior. The approach explains the relationship between the process and necessity of choices in disorganized alternatives and unresolved considerations. It uses an "if" condition and a game theory for a unidirectional convergence of maximization and optimization. It also shows the significance of the choice act in economic policy-making.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1997
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