Is the satisficing choice function rationalizable if the ordering isn't observable?
Economics Asked on April 27, 2021
Edited: Say an observer observes only the choices made by the decision maker (and the sets from which these choices are made), but does not know the ordering. Then would the decision maker’s choices still appear to be rationalizable (to the observer)?
Context from Osborne & Rubinstein (2020, Models in Microeconomic Theory):
One Answer
Yes, of course. That is rationalizable just means that there exists some preference ordering that gives rise to the choices. Observability has nothing to do with it.
Answered by Michael Greinecker on April 27, 2021
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