Rational stability of choice functions

IF 0.5 4区经济学 Q4 ECONOMICS International Journal of Economic Theory Pub Date : 2023-01-16 DOI:10.1111/ijet.12369

Josep E. Peris, Begoña Subiza

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Abstract

Two independent approaches have been used to analyze choices. A prominent notion is rationalizability: individuals choose maximizing binary relations. An alternative is to analyze choices in terms of standards of behavior with the notion of von Neumann–Morgenstern (vNM)-stability. We introduce a new concept ( $r -$ stability) that in turn extends the notion of stability and rationality. Our main result establishes that every rationalizable choice function is $r -$ stable and every vNM-stable choice has an $r -$ stable selection. An appealing property of $r -$ stability is that well-known solution concepts (top cycle, uncovered set, …) are $r -$ stable, while they are neither rationalizable nor vNM-stable.

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选择函数的理性稳定性

两种独立的方法被用来分析选择。一个突出的概念是理性化:个体选择最大化二元关系。另一种选择是用冯·诺伊曼-摩根斯坦(vNM)稳定性的概念来分析行为标准方面的选择。我们引入了一个新的概念(r - $r \mbox{-} $稳定性)，从而扩展了稳定性和合理性的概念。我们的主要结果证明了每一个可合理化的选择函数都是r - $r \mbox{-} $稳定的，每一个vnm稳定的选择都有一个r - $r \mbox{-} $稳定的选择。r - $r \mbox{-} $稳定性的一个吸引人的性质是，众所周知的解概念(顶循环，未覆盖集，…)是r - $r \mbox{-} $稳定的，但它们既不是可合理化的，也不是vnm稳定的。

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来源期刊

International Journal of Economic Theory ECONOMICS-

CiteScore

1.10

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0.00%

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