A Million Answers to Twenty Questions : Choosing by Checklist

Many decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Moreover, the length of the shortest checklist ...

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Year of publication:	2008-02-01
Authors:	Mandler, Michael ; Manzini, Paola ; Mariotti, Marco
Institutions:	Forschungsinstitut zur Zukunft der Arbeit <Bonn>
Subject:	Eingeschränkte Rationalität \| Nutzenmaximierung \| Checkliste \| Entscheidungsverhalten \| Entscheidungsmodell

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1 Introduction
2 Checklists
2.1 Standard checklists
2.2 Extended checklists
3 Checklists always maximize preference relations
4 Finite checklists can always be short
5 Utility maximizers can have short checklists
6 Utility maximizers always have short approximatechecklists
7 Remarks on preference representation
8 Concluding remarks
References

Persistent link: https://www.econbiz.de/10005860500