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AA00260492-19990002-0053.pdf
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Title |
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PATH INDEPENDENCE AND CHOICE ACYCLICITY PROPERTY
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LAHIRI, Somdeb
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Indian Institute of Management
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Keio Economic Society, Keio University
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1999
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Keio economic studies
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36
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2
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1999
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53
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63
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The paper begins by exploring the Path Independence Property. The possibility of a lower and upper approximation of a choice function satisfying Path Independence is dealt with in the paper. A significant property implied by Path Independence is Outcasting. We propose in the paper a unique characterisation of a choice function, called the batch choice function, which satisfies Outcasting. However, the relevant characterisation theorem requires a property stronger than Outcasting called the Choice Acyclicity Property. In an appendix to the paper, we provide a simple proof (without using Zorn's Lemma), of the fact that satisfaction of a property by a choice function is equivalent to the existence of a utility function, whose maximizers on a feasible set are always chosen. This result is originally due to Deb [1983]. This theorem is used in our paper to prove the existence of Path Independent lower approximations.
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