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Erscheinungsjahr: 
2016
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 11 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2016 [Pages:] 587-599
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
A choice function is \textit{list rational(izable)}, if there is a fixed \textit{list} such that for each \textit{choice set}, successive comparison of the alternatives by following the \textit{list} retrieves the chosen alternative. We extend the formulation of list rationality to stochastic choice setup. We say two alternatives are related if the \textit{stochastic path independence condition} is violated between these alternatives. We show that a random choice function is list rational if and only if this relation is acyclic. Our characterization for deterministic choice functions follows as a corollary. By using this characterization, we relate list rationality to two-stage choice procedures.
Schlagwörter: 
Rationalization
list
choice functions
random choice
path independence
acyclicity
JEL: 
D01
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