Showing 1 - 9 of 9
Using the techniques of revealed preference analysis, we study a two-stage model of choice behavior. In the first stage …
Persistent link: https://www.econbiz.de/10011099059
We study two boundedly rational procedures in consumer behavior. We show that these procedures can be detected by conditions on observable demand data of the same type as standard revealed preference axioms. This provides the basis for a non-parametric analysis of boundedly rational consumer...
Persistent link: https://www.econbiz.de/10004976638
This paper develops a model of choice that embeds some psychological aspects affecting decision maker's behaviour. In … availability or the level of salience- to each alternative in a universal collection. Choice behaviour of the decision maker is … then conditioned by the indexes attached to the alternatives. With this paper we show that, if the conditional choice …
Persistent link: https://www.econbiz.de/10005106390
A reason-based choice correspondence rationalizes choice behaviour in terms of a two-stage choice procedure. Given a … the rationalizability of reason-based choice correspondences axiomatically. We relate our choice-consistency conditions to … standard consistency proprieties. Our characterization result offers testable restrictions on this `choice anomaly' for large …
Persistent link: https://www.econbiz.de/10005106424
and sufficient condition for choice data to be consistent with a procedure in the designated class. This result applies to … any class of procedures with a certain lattice structure, including the cases of "consideration filters," "satisficing … convenience; in this and other respects following Richter's classical analysis of preference-maximizing choice in the absence of …
Persistent link: https://www.econbiz.de/10010780013
A theory of decision making is proposed that offers an axiomatic basis for the notion of "satisficing" postulated by … to the complexity of the choice problem at hand. When complexity is aligned with set inclusion, this exercise is shown to … be equivalent to abandoning the contraction consistency axiom of classical choice theory. …
Persistent link: https://www.econbiz.de/10005106333
these procedures by few, simple and testable conditions on observed choice. Then we test the models (as well as the standard …
Persistent link: https://www.econbiz.de/10004976629
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...
Persistent link: https://www.econbiz.de/10004976637
We demonstrate that one should not expect convergence of the proposals to the subgame perfect Nash equilibrium offer in standard ultimatum games. First, imposing strict experimental control of the behavior of the receiving players and focusing on the behavior of the proposers, we show...
Persistent link: https://www.econbiz.de/10005106297