IDEAS home Printed from https://ideas.repec.org/a/eee/mateco/v109y2023ics0304406823000848.html
   My bibliography  Save this article

On rational choice from lists of sets

Author

Listed:
  • Koshevoy, Gleb
  • Savaglio, Ernesto

Abstract

We analyze the rationality of a Decision Maker (DM) who chooses from lists of sets of alternatives. We propose and study four general classes of choice mechanism, representing the DM’s choice-behavior, and a new axiom, that we call No-Regret (NR). We show that the NR axiom, suggesting that alternatives disregarded as of no interest for the DM be ignored, is a rationality axiom that encompasses some compelling properties of the classical choice model and extends them to the proposed general framework of choice from lists of sets of alternatives.

Suggested Citation

  • Koshevoy, Gleb & Savaglio, Ernesto, 2023. "On rational choice from lists of sets," Journal of Mathematical Economics, Elsevier, vol. 109(C).
    • Handle: RePEc:eee:mateco:v:109:y:2023:i:c:s0304406823000848
    DOI: 10.1016/j.jmateco.2023.102891
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0304406823000848
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jmateco.2023.102891?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Christopher P. Chambers & M. Bumin Yenmez, 2017. "Choice and Matching," American Economic Journal: Microeconomics, American Economic Association, vol. 9(3), pages 126-147, August.
    2. Danilov, V., 2012. "Outcast Condition in the Choice Theory," Journal of the New Economic Association, New Economic Association, vol. 13(1), pages 34-49.
    3. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
    4. , & ,, 2013. "Choice by iterative search," Theoretical Economics, Econometric Society, vol. 8(3), September.
    5. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    6. Puppe, Clemens, 1996. "An Axiomatic Approach to "Preference for Freedom of Choice"," Journal of Economic Theory, Elsevier, vol. 68(1), pages 174-199, January.
    7. Plott, Charles R, 1973. "Path Independence, Rationality, and Social Choice," Econometrica, Econometric Society, vol. 41(6), pages 1075-1091, November.
    8. Ishii, Yuhta & Kovach, Matthew & Ülkü, Levent, 2021. "A model of stochastic choice from lists," Journal of Mathematical Economics, Elsevier, vol. 96(C).
    9. , & ,, 2006. "A theory of stability in many-to-many matching markets," Theoretical Economics, Econometric Society, vol. 1(2), pages 233-273, June.
    10. Brandt, Felix & Harrenstein, Paul, 2011. "Set-rationalizable choice and self-stability," Journal of Economic Theory, Elsevier, vol. 146(4), pages 1721-1731, July.
    11. Guney, Begum, 2014. "A theory of iterative choice in lists," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 26-32.
    12. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(3), pages 307-317.
    13. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    14. V. Danilov & G. Koshevoy & E. Savaglio, 2015. "Hyper-relations, choice functions, and orderings of opportunity sets," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 45(1), pages 51-69, June.
    15. , & ,, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
    16. Orhan Aygün & Tayfun Sönmez, 2012. "The Importance of Irrelevance of Rejected Contracts in Matching under Weakened Substitutes Conditions," Boston College Working Papers in Economics 805, Boston College Department of Economics.
    17. ,, 2016. "List-rationalizable choice," Theoretical Economics, Econometric Society, vol. 11(2), May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gleb Koshevoy & Ernesto Savaglio, 2017. "Enveloped choice functions and path-independent rationality," Department of Economics University of Siena 765, Department of Economics, University of Siena.
    2. Xiaosheng Mu, 2021. "Sequential Choice with Incomplete Preferences," Working Papers 2021-35, Princeton University. Economics Department..
    3. Alfio Giarlotta & Angelo Petralia & Stephen Watson, 2022. "Semantics meets attractiveness: Choice by salience," Papers 2204.08798, arXiv.org, revised Aug 2022.
    4. Xiaosheng Mu, 2019. "Amendment Voting with Incomplete Preferences," Working Papers 2019-29, Princeton University. Economics Department..
    5. T. Hayashi & R. Jain & V. Korpela & M. Lombardi, 2023. "Behavioral strong implementation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(4), pages 1257-1287, November.
    6. Alva, Samson, 2018. "WARP and combinatorial choice," Journal of Economic Theory, Elsevier, vol. 173(C), pages 320-333.
    7. Guy Barokas & Burak Ünveren, 2022. "Impressionable Rational Choice: Revealed-Preference Theory with Framing Effects," Mathematics, MDPI, vol. 10(23), pages 1-19, November.
    8. García-Sanz, María D. & Alcantud, José Carlos R., 2015. "Sequential rationalization of multivalued choice," Mathematical Social Sciences, Elsevier, vol. 74(C), pages 29-33.
    9. Papi, Mauro, 2012. "Satisficing choice procedures," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 451-462.
    10. Dinko Dimitrov & Saptarshi Mukherjee & Nozomu Muto, 2016. "‘Divide-and-choose’ in list-based decision problems," Theory and Decision, Springer, vol. 81(1), pages 17-31, June.
    11. Andrew Caplin & Mark Dean & Daniel Martin, 2011. "Search and Satisficing," American Economic Review, American Economic Association, vol. 101(7), pages 2899-2922, December.
    12. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2016. "Partial knowledge restrictions on the two-stage threshold model of choice," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 41-47.
    13. Domenico Cantone & Alfio Giarlotta & Stephen Watson, 2021. "Choice resolutions," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 56(4), pages 713-753, May.
    14. Saptarshi Mukherjee, 2014. "Choice in ordered-tree-based decision problems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 43(2), pages 471-496, August.
    15. Gent Bajraj & Levent Ülkü, 2015. "Choosing two finalists and the winner," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 45(4), pages 729-744, December.
    16. Dimitrov, Dinko & Mukherjee, Saptarshi & Muto, Nozomu & 無藤, 望, 2013. "List-based decision problems," Discussion Papers 2013-02, Graduate School of Economics, Hitotsubashi University.
    17. Yusufcan Masatlioglu & Elchin Suleymanov, 2021. "Decision making within a product network," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(1), pages 185-209, February.
    18. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J, 2015. "Partial Knowledge Restrictions on theTwo-Stage Threshold Model of Choice," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-58, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    19. Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2011. "Manipulation of Choice Behavior," IZA Discussion Papers 5891, Institute of Labor Economics (IZA).
    20. Hassan Nosratabadi, 2017. "Referential Revealed Preference Theory," Departmental Working Papers 201705, Rutgers University, Department of Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:109:y:2023:i:c:s0304406823000848. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jmateco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.