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Rational choice by two sequential criteria

García-Sanz, María D. and Alcantud, José Carlos R. (2010): Rational choice by two sequential criteria.

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Abstract

This paper contributes to the theory of rational choice under multiple criteria. We perform a preliminary study of the properties of decision made by the sequential application of rational choices. This is then used to obtain a characterization of set-valued choice functions that are rational by two sequential criteria, which follows the approach initiated by Manzini and Mariotti (Amer. Econ. Rev., 2007) for single-valued choice functions. Uniqueness is not guaranteed but our proof is constructive and an explicit solution is provided in terms of approximation choice functions.

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