Sequential rationalization of multivalued choice |
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| Institution: | 1. IPAG Business School, France;2. PSE-Université de Paris I, France;3. Université de Paris I, France;4. Paris School of Economics, France;5. Ghent University, Belgium;1. Facultad de Economía, UASLP, San Luis Potosí, Mexico;2. CIMAT, Guanajuato, Mexico;1. Department of Economics, University of Western Ontario, Canada;2. Department of Economics, New York University Abu Dhabi, United Arab Emirates;3. Department of Economics, Columbia University, United States |
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| Abstract: | This paper contributes to the theory of rational choice under sequential criteria. Following the approach initiated by Manzini and Mariotti (2007) for single-valued choice functions, we characterize choice correspondences that are rational by two sequential criteria under a mild consistency axiom. Rationales ensuring the sequential rationalization are explicitly constructed and a uniquely determined, canonical solution is provided. |
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