The standard economic choice model assumes that the decision maker chooses from <i>sets</i> of alternatives. In contrast, we analyze a choice model in which the decision maker encounters the alternatives in the form of a <i>list</i>. We present two axioms similar in nature to the classical axioms of choice...

A decision maker needs predictions about the realization of a repeated experiment in each period. An expert provides a theory that, conditional on each finite history of outcomes, supplies a probabilistic prediction about the next outcome. However, there may be false experts without any...

This paper develops a simple model in which a social hierarchy emerges endogenously when agents form a network for complementary interaction (``activity''). Specifically, we assume that agents are ex ante identical and their best response activity, as well as their value function, increases...

We consider a matching model in which individuals belonging to two populations (\textquotedblleft males\textquotedblright\ and \textquotedblleft females\textquotedblright ) can match to share their exogenous income risk. Within each population, individuals can be ranked by risk aversion in the...

We characterize axiomatically a stochastic choice model, the consistent-mistakes model (CMM), that describes an error-prone decision maker's choices. In contrast to random utility models, CMMs generate closed-form choice probability. Under the axioms, we uniquely identify from the choices an...

We introduce a game-theoretic model with switching costs and endogenous references. An agent endogenizes his reference strategy and then, taking switching costs into account, he selects a strategy from which there is no profitable deviation. We axiomatically characterize this selection procedure...

This paper proposes simple axioms that characterize a generalization of backward induction. At any node of a decision tree, the decision maker looks forward a fixed number of stages perfectly. Beyond that, the decision maker aggregates continuation values according to a function that captures...

This paper develops a simple model in which a social hierarchy emerges endogenously when agents form a network for complementary interaction (``activity''). Specifically, we assume that agents are ex ante identical and their best response activity, as well as their value function, increases...

A decision maker needs predictions about the realization of a repeated experiment in each period. An expert provides a theory that, conditional on each finite history of outcomes, supplies a probabilistic prediction about the next outcome. However, there may be false experts without any...

We consider a matching model in which individuals belonging to two populations (\textquotedblleft males\textquotedblright\ and \textquotedblleft females\textquotedblright ) can match to share their exogenous income risk. Within each population, individuals can be ranked by risk aversion in the...