Reference-dependent rankings of sets in characteristics space

Social Choice and Welfare 37 (4):717-728 (2011)
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This article uses Lancaster's characteristics approach to rank sets of alternative combinations of commodity characteristics. It is assumed that there exists a reference point or reference level from which the individual evaluates set expansions in appropriate directions. We provide an axiomatic characterization for such a case.



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Wulf Gaertner
London School of Economics

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