On the problem of constructing rational preferences

Markey-Towler, Brendan (2016) On the problem of constructing rational preferences. Economic Record, 92 S1: 68-82. doi:10.1111/1475-4932.12275

Author Markey-Towler, Brendan
Title On the problem of constructing rational preferences
Journal name Economic Record   Check publisher's open access policy
ISSN 1475-4932
Publication date 2016-06-01
Year available 2016
Sub-type Article (original research)
DOI 10.1111/1475-4932.12275
Open Access Status Not Open Access
Volume 92
Issue S1
Start page 68
End page 82
Total pages 15
Place of publication Richmond, VIC, Australia
Publisher Wiley-Blackwell Publishing Asia
Collection year 2017
Abstract In standard models it is typically taken for granted that preferences are given and defined over the alternatives alone, and the possibility of making a rational choice is a matter of assumption. I generalise this aspect of the economic model so that preferences over alternatives are constructed from given preferences defined over various characteristics of the alternatives under consideration. I characterise the decision problem before investigating what conditions a procedure for aggregating preferences over attributes into preferences over alternatives must satisfy in order for the latter to be rational. I then consider what the implications of these conditions for the procedural rationality of the aggregation process
Keyword Rational Preferences
Multiple attributes
Economic model
Procedural rationality
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: HERDC Pre-Audit
School of Economics Publications
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