Journal Articles Journal of Mathematical Psychology Year : 2009

Violation of the transitivity axiom may explain why, in empirical studies, a significant number of subjects violate GARP

Abstract

Most papers using experimental data find that a significant number of agents are not utility function maximizers. Using three experimental datasets, we provide empirical evidence that these violations of utility function maximizing behavior are simply generated by a violation of the preference transitivity axiom. Moreover, we find that 97% of agents' behavior is consistent with maximization of a generalized utility function called a variable intervals function (which corresponds to a numerical representation of complete-acyclic preferences).

Dates and versions

hal-03346937 , version 1 (16-09-2021)

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Cite

Marc-Arthur Diaye, Michal Urdanivia. Violation of the transitivity axiom may explain why, in empirical studies, a significant number of subjects violate GARP. Journal of Mathematical Psychology, 2009, 53 (6), pp.586-592. ⟨10.1016/j.jmp.2009.07.007⟩. ⟨hal-03346937⟩
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