Adding a reversibility axiom to the other axioms of Luce's (1959) probabilistic ranking theory results in an impossibility theorem-that all alternatives in an alternative set are equally likely to be chosen (i.e., that preferences are random). This impossibility theorem is generally avoided by removing the reversibility axiom. Using simple algebraic methods such a modified theory is shown to contain a theorem similiar to the impossibility result. These results are discussed within the framework of mathematical model theory (model theory deals with the relations between sets of sentences (theories) and the structures which satisfy these sentences (models)) to illustrate the applicability of model theory as an analytic tool in theory development.
ASJC Scopus subject areas
- Applied Mathematics