Showing 1 - 5 of 5
A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts...
Persistent link: https://www.econbiz.de/10010261993
We study a psychologically based foundation for choice errors. The decision maker applies a preference ranking after forming a 'consideration set' prior to choosing an alternative. Membership of the consideration set is determined both by the alternative specific salience and by the rationality...
Persistent link: https://www.econbiz.de/10010269842
We propose an extension of Tversky's lexicographic semiorder to a model of boundedly rational choice. We explore the connection with sequential rationalisability of choice, and we provide axiomatic characterisations of both models in terms of observable choice data.
Persistent link: https://www.econbiz.de/10010275831
We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximises a preference relation within the set of considered alternatives....
Persistent link: https://www.econbiz.de/10010289884
The Hicksian definition of complementarity and substitutability may not apply in contexts in which agents are not utility maximisers or where price or income variations, whether implicit or explicit, are not available. We look for tools to identify complementarity and substitutability satisfying...
Persistent link: https://www.econbiz.de/10012928499