Maximal Elements Under Reference-Dependent Preferences with Applications to Behavioral Traps and Games
We study reference-dependent preference relations defined by a real-valued bivariate function and prove an existence criterion for maximal elements. Then we formulate a generalized version of the well-known Brondsted maximum principle and apply it to behavioral traps and Nash equilibrium in games with preference relations that are not necessarily partial orders.
maximal element behavioral traps maximum principle nash equilibrium worthwhile to-change function