A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations
Completeness is one of the basic assumptions about the rational preference relation in classical decision theory. Strongly and weakly consistent preferences are presented by abandoning the completeness of the rational preference relation. Some expansion and contraction conditions are proposed and th...
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-04-01
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| Series: | Symmetry |
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| Online Access: | https://www.mdpi.com/2073-8994/14/5/918 |
| _version_ | 1797495135929368576 |
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| author | Xinlin Wu Haiyan Xiao |
| author_facet | Xinlin Wu Haiyan Xiao |
| author_sort | Xinlin Wu |
| collection | DOAJ |
| description | Completeness is one of the basic assumptions about the rational preference relation in classical decision theory. Strongly and weakly consistent preferences are presented by abandoning the completeness of the rational preference relation. Some expansion and contraction conditions are proposed and the relationships between these conditions of rationality are discussed. The relationships between the conditions of rationality and boundedly rational choice behavior based on strongly and weakly consistent preferences are analyzed and discussed. Furthermore, an example about the choices of chocolates with interval ordinal numbers is given to explain some of the main conclusions in this paper. The results can be used as references for the study of boundedly rational decisions. |
| first_indexed | 2024-03-10T01:44:07Z |
| format | Article |
| id | doaj.art-5184ba49c5c14d8882180128fb5a9f56 |
| institution | Directory Open Access Journal |
| issn | 2073-8994 |
| language | English |
| last_indexed | 2024-03-10T01:44:07Z |
| publishDate | 2022-04-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Symmetry |
| spelling | doaj.art-5184ba49c5c14d8882180128fb5a9f562023-11-23T13:18:14ZengMDPI AGSymmetry2073-89942022-04-0114591810.3390/sym14050918A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference RelationsXinlin Wu0Haiyan Xiao1Department of Mathematics, Hubei University of Education, Wuhan 430205, ChinaDepartment of Mathematics, Hubei University of Education, Wuhan 430205, ChinaCompleteness is one of the basic assumptions about the rational preference relation in classical decision theory. Strongly and weakly consistent preferences are presented by abandoning the completeness of the rational preference relation. Some expansion and contraction conditions are proposed and the relationships between these conditions of rationality are discussed. The relationships between the conditions of rationality and boundedly rational choice behavior based on strongly and weakly consistent preferences are analyzed and discussed. Furthermore, an example about the choices of chocolates with interval ordinal numbers is given to explain some of the main conclusions in this paper. The results can be used as references for the study of boundedly rational decisions.https://www.mdpi.com/2073-8994/14/5/918bounded rationalityweakly consistent preferenceinterval ordinal number |
| spellingShingle | Xinlin Wu Haiyan Xiao A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations Symmetry bounded rationality weakly consistent preference interval ordinal number |
| title | A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations |
| title_full | A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations |
| title_fullStr | A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations |
| title_full_unstemmed | A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations |
| title_short | A Boundedly Rational Decision-Making Model Based on Weakly Consistent Preference Relations |
| title_sort | boundedly rational decision making model based on weakly consistent preference relations |
| topic | bounded rationality weakly consistent preference interval ordinal number |
| url | https://www.mdpi.com/2073-8994/14/5/918 |
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