A reference-dependent choice function is a generalization of a standard choice function where chosen alternatives may depend on a reference alternative in addition to the set of feasible options. Such a function is non-deteriorating if there exists an ordering over the universal set of alternatives according to which the chosen alternatives are at least as good as the reference option. We characterize non-deteriorating reference-dependent choice functions in a general framework and in an economic environment.
History
Journal
Economica
Volume
76
Article number
302
Pagination
337-363
Location
Chichester, Eng.
ISSN
0013-0427
eISSN
1468-0335
Language
eng
Publication classification
C1 Refereed article in a scholarly journal
Copyright notice
2008, London School of Economics and Political Science