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Stochastic revealed preference and rationalizability

机译:随机显示偏好和合理性

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This article explores rationalizability issues for finite sets of observations of stochastic choice in the framework introduced by Bandyopadhyay et al. (Journal of Economic Theory, 84(1), 95-110, 1999). It is argued that a useful approach is to consider indirect preferences on budgets instead of direct preferences on commodity bundles. A new rationalizability condition for stochastic choices, "rationalizable in terms of stochastic orderings on the normalized price space" (RSOP), is defined. RSOP is satisfied if and only if there exists a solution to a linear feasibility problem. The existence of a solution also implies rationalizability in terms of stochastic orderings on the commodity space. Furthermore it is shown that the problem of finding sufficiency conditions for binary choice probabilities to be rationalizable bears similarities to the problem considered here.
机译:本文探讨了由Bandyopadhyay等人引入的框架中的有限随机选择观测值的合理化问题。 (Journal of Economic Theory,84(1),95-110,1999)。有人认为,一种有用的方法是考虑对预算的间接偏好,而不是对商品捆绑的直接偏好。定义了一种新的随机选择合理性条件,“根据规范化价格空间上的随机顺序合理化”(RSOP)。当且仅当存在线性可行性问题的解决方案时,RSOP才会满足。解决方案的存在还意味着在商品空间上的随机排序方面具有合理性。此外,还表明,找到使二元选择概率合理化的充分条件的问题与此处考虑的问题相似。

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