Path independent choice and the ranking of opportunity sets
The indirect utility principle provides an instrumentalist basis for ranking opportunity sets, given an underlying preference ranking on alternatives. Opportunity set A is weakly preferred to B if A includes at least one preference-maximising element from A⋃B. We introduce the Plott consistency prin...
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Veröffentlicht in: | Social choice and welfare 2014-01, Vol.42 (1), p.193-213 |
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Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | The indirect utility principle provides an instrumentalist basis for ranking opportunity sets, given an underlying preference ranking on alternatives. Opportunity set A is weakly preferred to B if A includes at least one preference-maximising element from A⋃B. We introduce the Plott consistency principle as a natural extension of this logic to decision-makers who choose amongst alternatives according to a path independent choice function. Such choice functions need not be rationalisable by a preference order. Plott consistency requires that A is an acceptable choice from {A, B} if A includes at least one element from the set of acceptable choices from A⋃B. We explore necessary and sufficient conditions (imposed on a choice function defined on collections of opportunity sets) for Plott consistency. |
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ISSN: | 0176-1714 1432-217X |
DOI: | 10.1007/s00355-012-0719-6 |