Showing 51 - 60 of 342
In the context of the two-stage threshold model of decision making, with the agent's choices determined by the interaction of three "structural variables," we study the restrictions on behavior that arise when one or more variables are exogenously known. Our results supply necessary and...
Persistent link: https://www.econbiz.de/10011796514
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/10011816568
We analyse the liberal ethics of non-interference applied to social choice. Two liberal principles capturing non-interfering views of society, inspired by J.S. Mill's conception of liberty are examined, which capture the idea that society should not penalise agents after changes in their...
Persistent link: https://www.econbiz.de/10010280763
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/10010284127
We study and test a class of boundedly rational models of decision making which rely on sequential eliminative heuristics. We formalize two sequential decision procedures, both inspired by plausible models popular among several psychologists and marketing scientists. However we follow a standard...
Persistent link: https://www.econbiz.de/10010284133
An uncovered bargaining solution is a bargaining solution for which there exists a complete and strict relation (tournament) such that, for each feasible set, the bargaining solution set coincides with the uncovered set of the tournament. We provide a characterization of a class of uncovered...
Persistent link: https://www.econbiz.de/10010284134
In this paper we formulate and investigate experimentally a model of how individuals choose between time sequences of monetary outcomes. The theoretical model assumes that a decision-maker uses, sequentially, two criteria to screen options. Each criterion only permits a decision between some...
Persistent link: https://www.econbiz.de/10010284161
In the last twenty years a growing body of experimental evidence has posed a challenge to the standard Exponential Discounting Model of choice over time. Attention has focused on some specific 'anomalies', notably preference reversal and declining discount rates, leading to the formulation of...
Persistent link: https://www.econbiz.de/10010284178
We introduce and characterize a new class of bargaining solutions: those which can be obtained by sequentially applying two binary relations to eliminate alternatives. As a by-product we obtain as a particular case a partial characterization result by Zhou (Econometrica, 1997) of an extension of...
Persistent link: https://www.econbiz.de/10010284187
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/10010284205