Closure and Preferences
12 Pages Posted: 11 Oct 2015
Date Written: October 9, 2015
We investigate the results of Kreps (1979), dropping his completeness axiom. As an added generalization, we work on arbitrary lattices, rather than a lattice of sets. We show that one of the properties of Kreps is intimately tied with representation via a closure operator. That is, a preference satisfies Kreps' axiom (and a few other mild conditions) if and only if there is a closure operator on the lattice, such that preferences over elements of the lattice coincide with dominance of their closures. We tie the work to recent literature by Richter and Rubinstein (2015). Finally, we carry the concept to the theory of path-independent choice functions.
Keywords: preferences, closure operator, path independence
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