Incomplete Variational Preferences
Incomplete Variational Preferences
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Chambers, Robert G., Tigran Melkonyan, and John Quiggin. 2017. Incomplete Variational Preferences. University of Maryland, Department of Agricultural and Resource Economics Working Papers, WP 17-06.
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Abstract
We examine incomplete preference structures in a framework that allows for various relaxations of the independence axiom. We derive preference representations in terms of willingness-to-pay measures, and demonstrate how these representation can be used to determine preference incompleteness and to elicit preferences empirically.