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The Foundations of Positive and Normative EconomicsA Hand Book$
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Andrew Caplin and Andrew Schotter

Print publication date: 2008

Print ISBN-13: 9780195328318

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195328318.001.0001

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Some Thoughts on the Principle of Revealed Preference

Some Thoughts on the Principle of Revealed Preference

(p.116) Chapter 5 Some Thoughts on the Principle of Revealed Preference
The Foundations of Positive and Normative Economics



Oxford University Press

An individual decision maker is described by a number of economic theorists using three concepts: 1) a collection of objects wherein one is not required to recognize something in an objective manner; 2) mental preferences or how the mental attitude of someone towards something affects the actual choice; and 3) choice wherein a choice function specifies an individual's possible selections. A conventional approach would assume that the individual who will be making the decision would identify the set of objects in which he or she can choose from, that the choice function employed is consistent with his or her behavioral preferences, and that these behavioral preferences are similar to the mental preferences. This chapter attempts to further explain how the Revealed Preference principle complies with the standard economic approach in including mental preferences in economic models through three specific statements.

Keywords:   objective manner, collection of objects, decision maker, mental preferences, behavioral preferences, Revealed Preference principle

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