Maximization and the Act of Choice
AbstractThe act of choosing can have particular relevance in maximizing behavior for at least two distinct reasons: (1) process significance (preferences may be sensitive to the choice process, including the identity of the chooser) and (2) decisional inescapability (choices may have to be made whether or not the judgmental process has been completed). The general approach of maximizing behavior can--appropriately formulated--accommodate both concerns, but the regularities of choice behavior assumed in standard models of rational choice will need significant modification. These differences have considerable relevance in studies of economic, social, and political behavior.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 65 (1997)
Issue (Month): 4 (July)
Other versions of this item:
- Amartya Sen, 1996. "Maximization and the Act of Choice," Harvard Institute of Economic Research Working Papers 1766, Harvard - Institute of Economic Research.
- Sen, A., 1996. "Maximisation and the Act of Choice," Papers 270, Banca Italia - Servizio di Studi.
- D10 - Microeconomics - - Household Behavior - - - General
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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