Rational Choice: The Case of Path Dependent Procedures

Abstract

Describing a procedure in which choice proceeds in a sequence, we propose two alternatives ways of resolving the decision problem whenever the outcome is sequence-sensitive. One way yields a rationalizable choice set, and the other way produces a weakly rationalizable choice set that is equivalent to von Neumann-Morgenstern's stable set. It is shown that for quasi-transitive rationalization, the maximal set must coincide with its stable set. May 2002Thanks to Prasanta Pattanaik for helpful comments and suggestions. Of course the usual caveat applies.

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