Revealed preference and satisficing behavior

Synthese 179 (1):1-12 (2011)
A much discussed topic in the theory of choice is how a preference order among options can be derived from the assumption that the notion of ‘choice’ is primitive. Assuming a choice function that selects elements from each finite set of options, Arrow (Economica 26:121–127, 1959) already showed how we can generate a weak ordering by putting constraints on the behavior of such a function such that it reflects utility maximization. Arrow proposed that rational agents can be modeled by such choice functions. Arrow’s standard model of rationality has been criticized in economics and gave rise to approaches of bounded rationality. Two standard assumptions of rationality will be given up in this paper. First, the idea that agents are utility optimizers (Simon). Second, the idea that the relation of ‘indifference’ gives rise to an equivalence relation. To account for the latter, Luce (Econometrica 24:178–191, 1956) introduced semi-orders. Extending some ideas of Van Benthem (Pac Philos Q 63:193–203, 1982), we will show how to derive semi-orders (and so-called interval orders) based on the idea that agents are utility satisficers rather than utility optimizers
Keywords Revealed preference  Satisficing behavior  Comparison relation  Vagueness
Categories (categorize this paper)
DOI 10.1007/s11229-010-9826-z
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
Download options
PhilPapers Archive

Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 23,280
External links
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library
References found in this work BETA
S. K. Thomason (1984). On Constructing Instants From Events. Journal of Philosophical Logic 13 (1):85 - 96.

Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

Monthly downloads

Added to index


Total downloads

40 ( #118,859 of 1,932,462 )

Recent downloads (6 months)

17 ( #40,156 of 1,932,462 )

How can I increase my downloads?

My notes
Sign in to use this feature

Start a new thread
There  are no threads in this forum
Nothing in this forum yet.