Ashoka University is a private university located in Sonipat, Haryana, India, focusing on liberal arts and sciences. It was established in 2014.&nbsp;It is guided by an academic council of academics and scholars from around the world. The council sets the university&#39;s academic standard, advising on matters of curriculum, faculty hiring and research.&nbsp;

Ashoka University offers a full-time 3 (+ 1) year undergraduate programme. The University comprises of&nbsp;2500 plus students, with a mix of both national and international students.&nbsp; &nbsp;

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Ashoka University

We show that a majoritarian relation is, among all conceivable binary relations, the most representative of the profile of preferences from which it emanates. We define “the most representative” to mean that it minimizes the sum of distances between itself and the preferences in the profile for a given distance function. We identify a necessary and sufficient condition for such a distance to always be minimized by a majoritarian relation. This condition requires the distance to be additive with respect to a plausible notion of compromise between preferences. The well-known Kemeny distance does satisfy this property, along with many others. All distances that satisfy this property can be written as a sum of strictly positive weights assigned to the ordered pairs of alternatives by which any two preferences differ.

Department of Economics

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Mathematical Social Sciences

Is the preference of the majority representative ?

We consider an individual decision-making problem where the decision maker is subject to inattention. The source of this inattention is the frames with which the alternatives appear; leading to randomness in choice. We characterize a rule called frame-based stochastic choice rule, according to which the choice probability of an alternative (say, x) is the probability with which attention is drawn by its frame and not by the frames which are associated with the alternatives that beat x according to a complete and antisymmetric binary relation. The choice probability is zero if a better alternative appears with the same frame. The rule and the treatment are largely influenced by Manzini and Mariotti (2014). Our framework is applicable to settings where frames are advertisements or types of packaging.

Journal of Mathematical Economics

Frame-based stochastic choice rule

We axiomatically characterise a class of updating rules in the contexts of: (a) consumer's equilibrium; and (b) random choice by a decision maker. The updating rule captures the effect of absence of a product on the expenditure-share function in (a) and the effect of removal of an alternative on the choice probabilities of the remaining alternatives in (b). The class of updating rules, called hemi-Bayesian random choice rule can be described as follows: the expenditure-share or the probability-weight of the alternative that is removed is distributed proportionately to the alternatives belonging to its lower contour set according to some linear order. We show that this class of rules is the same as random consideration set rule as in Manzini and Mariotti (2014).