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A million answers to twenty questions: Choosing by checklist

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  • Mandler, Michael
  • Manzini, Paola
  • Mariotti, Marco

Abstract

Several 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.

Suggested Citation

  • Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2012. "A million answers to twenty questions: Choosing by checklist," Journal of Economic Theory, Elsevier, vol. 147(1), pages 71-92.
    • Handle: RePEc:eee:jetheo:v:147:y:2012:i:1:p:71-92
    DOI: 10.1016/j.jet.2011.11.012
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    References listed on IDEAS

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    More about this item

    Keywords

    Bounded rationality; Utility maximization; Choice function; Lexicographic utility;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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