Revealed Preference with Stochastic Demand Correspondence

@article{Dasgupta2010RevealedPW,
  title={Revealed Preference with Stochastic Demand Correspondence},
  author={Indraneel Dasgupta and P. Pattanaik},
  journal={The B.E. Journal of Theoretical Economics},
  year={2010},
  volume={10}
}
We extend the revealed preference theory of consumer’s behavior originating in Samuelson’s Weak Axiom of Revealed Preference to simultaneously permit both non-singleton choice sets and random choice. We provide a consistency postulate for demand behavior when such behavior is represented in terms of a stochastic demand correspondence. When the consumer spends his or her entire wealth, our rationality postulate is equivalent to a condition we term “stochastic substitutability.” This equivalence… Expand

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Contraction consistent stochastic choice correspondence
ABSTRACT Contraction Consistent Stochastic Choice Correspondence

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