The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: May, 1977, Volume 45, Issue 4
https://doi.org/0012-9682(197705)45:4<889:TEOCF>2.0.CO;2-L
p. 889-894
Anjan Mukherji
A choice function is defined to exist if there is a "best" (under a binary relation R) element in all non-empty compact subsets of S, the set of all possible alternatives, whereas a demand correspondence exists if there is a "best" element in only the budget sets of S. Some basic restrictions on R are considered. First, if the "at least as good as" sets are closed, then none of the standard restrictions on R are shown to be necessary for the existence of a demand correspondence: the "domination" of finite sets is necessary and sufficient. This is shown to imply that acyclicity of R is necessary and sufficient for the existence of choice functions. Second, if either there is a restriction on convergent P monotone sequences or if R satisfies a regularity condition, then a condition on cyclical sets of alternatives is enough to guarantee the existence of demand correspondences. For the existence of rational choice functions, however, reflexivity, completeness, and transitivity of R, together with the above-mentioned condition on P-monotone sequences, are necessary and sufficient. Finally, if the strictly preferred sets are taken to be convex, then under a restriction weaker than the first, a best element in budget sets exists.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
