A million answers to twenty questions: Choosing by checklist
AbstractSeveral 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 approaches are nearly equivalent. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis for utility maximization.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 147 (2012)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/inca/622869
Bounded rationality; Utility maximization; Choice function; Lexicographic utility;
Other versions of this item:
- Michael Mandler & Paola Manzini & Marco Mariotti, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," Working Papers 622, Queen Mary, University of London, School of Economics and Finance.
- Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2008. "A Million Answers to Twenty Questions: Choosing by Checklist," IZA Discussion Papers 3377, Institute for the Study of Labor (IZA).
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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