On the Logic of Choice

We describe an axiomatic framework for standard preference orderings, entirely based on the principle that values should be in the range of their updates. The corresponding fixed point update rule is proposed as the unifying update formula without the Sure Thing Principle.

We show how this rule is compatible with the non-consequentialist aspects of conditional choice implied by plan consistency.

This puts the normative content of behavioral models in quite a different perspective. We therefore conclude by indicating how the principles of Cumulative Prospect Theory apply to consistent choice.