AN AXIOMATIC APPROACH TO PREFERENCE FOR FREEDOM OF CHOICE

The paper axiomatically characterizes a notion of ''freedom of choice. '' The central condition considered in this paper is the following. In every non-empty opportunity set there exists at least one alternative such that its exclusion would reduce an agent's freedom. It turns out that this condition induces a formal structure which is familiar from the theory of revealed preference. Under a somewhat different interpr etation, some well-known rationality conditions are used to characteri ze models of freedom. Furthermore, a link is established between the n otion of ''preference for freedom'' and Kreps' concept of ''preference for flexibility.'' (C) 1996 Academic Press, Inc.