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Article Dans Une Revue Journal of Mathematical Economics Année : 2013

Variable preference relations: Existence of maximal elements

Résumé

We consider variable preference relations, also called reference dependent preference relations, which are typical in the study of dynamic models in economic theories. We introduce a new concept of weak consistency, a generalization of acyclicity, as an immediate regret condition for variable preferences. The main result to establish is on an existence criterion for maximal elements of a space equipped with a weakly consistent variable preference relation. It is expressed via a preference completeness condition which is equivalent to existence of aspiration points. As applications, we show that a number of results known in the recent literature on maximum principles on a space with or without topological structure can be obtained from the unifying approach of this paper. Habit formation and state functions are also discussed in the framework of variable preference relations.

Dates et versions

hal-01500879 , version 1 (03-04-2017)

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Citer

Dinh The Luc, Antoine Soubeyran. Variable preference relations: Existence of maximal elements. Journal of Mathematical Economics, 2013, 49 (4), pp.251-262. ⟨10.1016/j.jmateco.2013.05.004⟩. ⟨hal-01500879⟩
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