This paper develops axiomatically a revealed preference theory of reference-dependent choice behavior. Instead of taking the reference for an agent as exogenously given in the description of a choice problem, we suitably relax the Weak Axiom of Revealed Preference to obtain, endogenously, the existence of reference alternatives as well as the structure of choice behavior conditional on those al...

This note provides an alternative proof of a known result on the existence of collections of orderings generating intersection quasi-orderings. Instead of proving the result from first principles, it is illustrated how it can be obtained by making use of an analogous relationship between partial orders and linear orders. Journal of Economic Literature Classification Nos.: C60, D11, D71. ∗ I tha...

When making choices, decision makers often either lack information about alternatives or lack the cognitive capacity to analyze every alternative. To capture these situations, we formulate a framework to study behavioral search by utilizing the idea of consideration sets. Consumers engage in a dynamic search process. At each stage, they consider only those options in the current consideration s...

This document presents the methods that will be used to locate (within the SPIRIT terabyte collection) relevant documents for the queries to be used in any testing of the retrieval system. The means of locating relevant documents within test collections is commonly perceived to be a time consuming process, however the work presented here shows that a “reasonable” test collection can be formed w...

We show how optimal saving in a two-period model is affected when prudence and risk aversion of the underlying utility function change. Increasing prudence alone will induce higher savings only if, for certain combinations of the interest rate and the pure time discount rate, there is distributional neutrality between the two periods. Otherwise, changes of risk aversion that affect the distribu...

The synthesis of fully deuterated amphetamine (phenyl-2-aminopropane-d11) in which 11 deuterium atoms are bonded to carbons and two other highly deuterated analogues is described. Their toxicities and in vivo spontaneous locomotor activities in mice were examined and compared with that of the parent protioamphetamine. A significant reduction in toxicities and a decrease in spontaneous locomotor...

This paper examines the connection between path independence and transitive rationalization of a choice function in a general domain where a choice function may not include all possible non-empty subsets of the universal set. Describing a sequential choice procedure, this paper shows that the requirement of path independence of a choice function is equivalent to Richter's Congruence Axiom and t...

We reformulate neoclassical consumer choice by focusing on λ, the marginal utility of money. As the opportunity cost of current expenditure, λ is approximated by the slope of the indirect utility function of the continuation. We argue that λ can largely supplant the role of an arbitrary budget constraint in partial equilibrium analysis. The result is a better grounded, more flexible and more in...

We prove that a preference relation which is continuous on every straight line has a utility representation if its domain is a convex subset of a finite dimensional vector space. Our condition on the domain of a preference relation is stronger than Eilenberg (1941) and Debreu (1959, 1964), but our condition on the continuity of a preference relation is strictly weaker than theirs. JEL classific...