Showing 31 - 40 of 54
This paper proposes and characterises two preference-based choice rules that allow the decision maker to choose nothing if the criteria associated with them are satisfied by no feasible alternative. Strict preferences are primitive in the first rule and weak preferences in the second. Each of...
Persistent link: https://www.econbiz.de/10015223438
This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...
Persistent link: https://www.econbiz.de/10015232972
We report on two novel choice experiments with real goods where subjects in one treatment are forced to choose, as is the norm in economic experiments, while in the other they are not but can instead incur a small cost to defer choice. Using a variety of measures, we find that the active choices...
Persistent link: https://www.econbiz.de/10014536896
Three reasons why decision makers may defer choice are *indecisiveness* between feasible options, *unattractiveness* of these options and *choice overload*. This paper provides a choice-theoretic explanation for each of these phenomena by means of three deferral-permissive models of decision...
Persistent link: https://www.econbiz.de/10015249452
This paper studies a decision maker who chooses monetary bets/investment portfolios under pure uncertainty. Necessary and sufficient conditions on his preferences over these objects are provided for his choice behavior to be guided by the *maxmin expected value* rule, and therefore to exhibit...
Persistent link: https://www.econbiz.de/10015249923
This paper studies a decision maker who chooses monetary bets/investment portfolios under pure uncertainty. Necessary and sufficient conditions on his preferences over these objects are provided for his choice behavior to be guided by the *maxmin expected value* rule, and therefore to exhibit...
Persistent link: https://www.econbiz.de/10015250021
In this paper we study decision making in situations where the individual's preferences are not assumed to be complete. First, we identify conditions that are necessary and sufficient for choice behavior in general domains to be consistent with maximization of a possibly incomplete preference...
Persistent link: https://www.econbiz.de/10011105585
This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...
Persistent link: https://www.econbiz.de/10011107581
A weak (strict) preference relation is continuous if it has a closed (open) graph; it is hemicontinuous if its upper and lower contour sets are closed (open). If preferences are complete these four conditions are equivalent. Without completeness continuity in each case is stronger than...
Persistent link: https://www.econbiz.de/10010896588
Two logically distinct and permissive extensions of iterative weak dominance are introduced for games with possibly vector-valued payoffs. The first, iterative partial dominance, builds on an easy-to-check condition but may lead to solutions that do not include any (generalized) Nash equilibria....
Persistent link: https://www.econbiz.de/10010904130