On rationalizability of choice functions: A characterization of the median |
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| Authors: | Wulf Gaertner Yongsheng Xu |
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| Institution: | (1) Department of Economics, University of Osnabrück, D-49069 Osnabrück, Germany, DE;(2) Department of Economics, University of Nottingham, Nottingham NG7 2RD, UK, GB;(3) The Institute of Economic Research, Hitotsubashi University, Naka 2-1, Kunitachi, Tokyo 186, Japan, JP |
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| Abstract: | In this paper we characterize choice behaviour that picks the median element from a set of feasible alternatives. It is easily
seen that this choice behaviour violates most of the standard consistency conditions for set contraction and set expansion.
The paper offers a complete characterization in terms of pure choice function conditions, and contrasts the new axiom set
with the traditional consistency conditions. It also suggests alternative external references which could explain the choice
of the median.
Received: 2 June 1997/Accepted: 27 July 1998 |
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