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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 147 (2012)
Issue (Month): 1 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622869
Bounded rationality; Utility maximization; Choice function; Lexicographic utility;
Other versions of this item:
- 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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
- Rubinstein, Ariel & Salant, Yuval, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
- Houy, Nicolas & Tadenuma, Koichi, 2009.
"Lexicographic compositions of multiple criteria for decision making,"
Journal of Economic Theory,
Elsevier, vol. 144(4), pages 1770-1782, July.
- Houy, Nicolas & Tadenuma, Koichi, 2007. "Lexicographic Compositions of Multiple Criteria for Decision Making," Discussion Papers 2007-13, Graduate School of Economics, Hitotsubashi University.
- Michael Yee & Ely Dahan & John R. Hauser & James Orlin, 2007. "Greedoid-Based Noncompensatory Inference," Marketing Science, INFORMS, vol. 26(4), pages 532-549, 07-08.
- Peter C. Fishburn, 1974. "Exceptional Paper--Lexicographic Orders, Utilities and Decision Rules: A Survey," Management Science, INFORMS, vol. 20(11), pages 1442-1471, July.
- Rubinstein, Ariel, 1996. "Why Are Certain Properties of Binary Relations Relatively More Common in Natural Language?," Econometrica, Econometric Society, vol. 64(2), pages 343-55, March.
- Dimitrov, Dinko & Mukherjee, Saptarshi & Muto, Nozomu, 2013.
"List-based decision problems,"
2013-02, Graduate School of Economics, Hitotsubashi University.
- Paola Manzini & Marco Mariotti, 2011. "A General Behavioural Model of Random Choice," Carlo Alberto Notebooks 237, Collegio Carlo Alberto.
- Apesteguia, Jose & Ballester, Miguel A., 2010. "The Computational Complexity of Rationalizing Behavior," Journal of Mathematical Economics, Elsevier, vol. 46(3), pages 356-363, May.
- B. Douglas Bernheim, 2010.
"Behavioral welfare economics,"
Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 123-151, June.
- B. Douglas Bernheim, 2010. "Behavioral welfare economics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(1), pages 1-22, March.
- B. Douglas Bernheim, 2009. "Behavioral Welfare Economics," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 267-319, 04-05.
- Dietrich, Franz & List, Christian, 2012. "Mentalism versus behaviourism in economics: a philosophy-of-science perspective," MPRA Paper 37813, University Library of Munich, Germany.
- Uwe Dulleck & Franz Hackl & Bernhard Weiss & Rudolf Winter-Ebmer, 2008.
"Buying Online: Sequential Decision Making by Shopbot Visitors,"
NCER Working Paper Series
31, National Centre for Econometric Research.
- Bernhard Weiss & Uwe Dulleck & Franz Hackl & Rudolf Winter-Ebmer, 2008. "Buying Online: Sequential Decision Making by Shopbot Visitors," Economics working papers 2008-10, Department of Economics, Johannes Kepler University Linz, Austria.
- Dulleck, Uwe & Hackl, Franz & Weiss, Bernhard & Winter-Ebmer, Rudolf, 2008. "Buying Online: Sequential Decision Making by Shopbot Visitors," Economics Series 225, Institute for Advanced Studies.
- Dulleck, Uwe & Hackl, Franz & Weiss, Bernhard & Winter-Ebmer, Rudolf, 2008. "Buying Online: Sequential Decision Making by Shopbot Visitors," CEPR Discussion Papers 6939, C.E.P.R. Discussion Papers.
- Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Ozbay, 2009.
NajEcon Working Paper Reviews
- Franz Dietrich & Christian List, 2013.
Levine's Working Paper Archive
786969000000000841, David K. Levine.
- Jose Apesteguia & Miguel Ballester, 2009.
"Choice by Sequential Procedures,"
NajEcon Working Paper Reviews
- Jose Apesteguia & Miguel A. Ballester, 2012. "Choice by sequential procedures," Economics Working Papers 1309, Department of Economics and Business, Universitat Pompeu Fabra.
- Jose Apesteguia & Miguel Angel Ballester, 2012. "Choice By Sequential Procedures," Working Papers 615, Barcelona Graduate School of Economics.
- Manzini, Paola & Mariotti, Marco & Tyson, Christopher J., 2011. "Manipulation of Choice Behavior," IZA Discussion Papers 5891, Institute for the Study of Labor (IZA).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.